BusinessBusiness RecoveryFRP administrators discuss selling Rapier to ex-CEO

FRP administrators discuss selling Rapier to ex-CEO

Administrators speak to ex-CEO on a possible sale to his new company

FRP ADVISORY administrators have been called to advertising business Rapier, and are currently in discussions with its former CEO on a possible sale.

Jason Baker (pictured) and Geoff Rowley, partners at FRP Advisory, were appointed joint-administrators to the London-based marketing and advertising agency Rapier.

It has been reported in the press that rival CHI & Partners would set up a new company with Rapier’s ex-CEO Jonathan Stead. However, Baker claimed no sale has yet been arranged.

“We can confirm that we are in negotiation with the former CEO Jonathan Stead and his business partners – but no sale has been finalised at this time,” he said.

However, Johnny Hornby, chief executive of CHI and Partners, was reported to have said in Campaign he is excited at gaining access to Stead’s expertise and that of the Rapier team.

Rapier has been around for 24 years and provided advertising and marketing services for clients such as Yell, Travelodge and RAC.

Campaign also reported that Rapier lost major clients such as Yell and RAC.

FRP’s Baker said: “Rapier was forced into administration as a result of account losses and reductions in spend from existing clients. However, it still retains the support of a number of important clients and will continue to trade as a going concern as we seek a buyer.”

 

Related Articles

Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

6m Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

11m Emma Smith, Managing Editor