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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children