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.
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.Follow @SaraKimberley
This article was first published on campaignlive.co.uk
- Freelance Designer Blue Skies Marketing Recruitment £23 - £25 per hour, Milton Keynes
- Digital Senior Account Director Red Sofa London £55000.00 - £70000.00 per annum, London
- Account Manager [Experiential] - Integrated Agency - Up to £31k Verbatim Search Up to £32k, London (Central), London (Greater)
- Digital Marketing Manager Purple Consultancy £40000 - £45000 per annum, London
- Account Manager Purple Consultancy £30000 - £35000 per annum, London
- Google's European leader says viewing habits are 'changing dramatically'
- Land Rover to move global ad account into Spark44
- Martin Sorrell talks Maurice Lévy, Tesco, and the global outlook
- Viacom to bring Breaking Bad to Freeview with Spike launch
- 'Advertisers are snake oil salesmen', says Peter Oborne
- Agencies need to make more use of audience insight, says Mark Creighton