CHI and Stead to relaunch Rapier

By Sara Kimberley, campaignlive.co.uk, Thursday, 30 August 2012 09:30AM

Rapier, the independent shop that went into administration this week, is set to be reborn under the ownership of a new company called Rapier Communications jointly owned by the chief executive, Jonathan Stead, and CHI & Partners Holdings.

Jonathan Stead: in talks with staff over redundancy pay and who will move to the new shop

Jonathan Stead: in talks with staff over redundancy pay and who will move to the new shop

The deal for Rapier Communications to acquire the Rapier agency name is expected to be completed by the end of this week.

The new company will be responsible for paying redundancies, which will include a number of Rapier’s 35 full-time team. It is currently in talks with staff about who will move to the reborn agency.

Stead will search for a new creative leader as Ed Morris, Rapier’s executive creative director and creative partner, is leaving the business. Its strategy partner, John Shaw, is expected to work with the new agency as a consultant.

The shop will operate from its current premises in Paddington but in a smaller space. No-one from CHI & Partners will move across to the agency.

Stead is in negotiations with clients including Travelodge, BBC, Vodafone, PruHealth and NHS Blood and Transplant about continuing to work with the agency. Rapier also hopes to keep its 40 per cent share in the digital shop McCormack & Morrison.

The catalyst of Rapier’s downfall was the loss of clients this year including Yell and RAC. Its pre-tax profits more than halved between 2009 and 2010 from £1.5 million to £635,252 after the loss of Virgin Media and Lloyds TSB, according to Companies House figures.

The report, filed at the end of 2010, shows that Stead paid himself a £2.9 million dividend. However, he said he has not taken a salary for the past two years.

This article was first published on campaignlive.co.uk

X

You must log in to use Clip & Save

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Additional Information

Campaign Jobs

  • Exhibition Designers WRG Live Competitive salary and benefits package dependant upon experience, Manchester, Greater Manchester
  • Producer WRG Live Competitve salary and benefits package dependent upon experience, London (Central), London (Greater) / Manchester, Greater Manchester
  • Content Manager WRG Live Competitive salary and benefits package, Manchester, Greater Manchester
  • Digital Media Consultant Silverdrum £25,000 - £35,000 depending on experience + uncapped commission, London (Greater)
  • Account Director - B2B and IT David Thatcher Recruitment £45-55k, West London, M40 Corridor