Mediaworks to save Leeds-based shop CWG from receivers

CWG, the financially troubled Leeds agency and one of the oldest in the North of England, has been plucked from receivership by a rival shop.

The agency, formerly known as the Charles Walls Group and with a client list including Tate & Lyle and Wisdom toothbrushes, is being acquired by Mediaworks, most of whose business is in the personal finance sector.

Mediaworks was already in talks with CWG before last week's action by a shareholder, which triggered the receivers being called in.

The combined operation - to be called Mediaworks CWG - claims billings of about £23 million and will have a 55-strong staff.

The deal marks the end of CWG's formal relationship with Summerfield Wilmot Keene, which has disposed of its shareholding.

CWG, established in 1947, hit trouble last year because of a shortfall in investment caused by the withdrawal of its former owner, 10 Group.