CHI & Partners Holdings has completed its deal to acquire a joint stake in Rapier along with Jonathan Stead, the agency's chief executive.
However, the relaunched Rapier, which fell into administration last month, has been unable to secure a deal to retain its 40 per cent stake in McCormack & Morrison.
The digital agency, which has clients including Virgin Active and Royal Caribbean International, is close to completing a deal to buy back the 40 per cent stake that Rapier acquired in 2009 from the administrators.
McCormack & Morrison will then look for another agency to acquire a minority stake in the business.
Rapier, which went into administration after a series of account losses, will relaunch as a new agency trading as Rapier Communications.
Talks continue with staff over their redundancy pay and the number of employees transferring to the new business has yet to be finalised.
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