FRP administrators sell Rapier to ex-CEO
Former CEO Jonathan Stead and CHI & Partners buy Rapier out of administration saving the nine-strong workforce
FRP ADMINISTRATORS have sold advertising business Rapier to its former CEO.
Jason Baker (pictured) and Geoff Rowley, partners at FRP Advisory, were appointed joint-administrators to the London-based marketing and advertising agency Rapier on 24 August.
The sale is a joint venture for Rapier’s ex-CEO Jonathan Stead and communications agency CHI & Partners which have bought all assets of the company including clients and name, as well as taking all the entire nine-strong workforce.
Baker said: “We are delighted to achieve a sale of Rapier, safeguarding the jobs of all nine employees with new contracts offered for transferral to the new company, Rapier Communications Limited.
“The quick sale has ensured minimum disruption for all existing clients, which will continue to be served by the new company.”
Rapier has been around for 24 years and provided advertising and marketing services for clients such as Yell, Travelodge and RAC.
However, it was recently reported that the company ran into trouble this year when major clients such as Yell and RAC ceased working with the company.
