Sales promotion company Tim Arnold & Associates which went into receivership on January 18, has been bought by a management team.
The buyout team, led by former managing director Paul Godwin has relaunched the company as Epona.
The directors asked the bank to call in an administrative receiver, and Peter Mills of Smith & Williamson was appointed. As Marketing Week went to press, Mills confirmed he was in discussions with various people about a management buyout. “It is likely that a deal will be completed today [Tuesday],” he said.
Meanwhile, an Epona spokesman says: “They’re down to arguing about the furniture.”
Founder Tim Arnold is understood to be acting as a consultant to the management team.
Mills says the receivership was caused by “an onerous property lease for which the company could no longer afford the payments”.