Faulds expected to restructure
Rumours are rife that Faulds is to undergo a major restructure that could see it relaunch next week under a new guise.
A new company was registered at Companies House in mid-August, called Faulds Limited, which many believe will allow them to facilitate a restructure.
The rumours surfaced as it came to light that the potential deal, which was being put together by MD David McGlone and three other Faulds directors and would see them buy out the interests of chairman Dennis Chester, would not be going ahead as expected.
It has also been suggested that the media division of the company is to be taken over by Spirit Media Scotland.
According to industry sources Kwik-Fit had been paying the agency for work until 1 September and that the agency had now factored its debts.
The move comes after a number of business losses that have included Kwik-Fit, the Royal Bank of Scotland, Standard Life and EMAP. The agency was recently involved in a pitch for a piece of Direct Line business, but the agency failed to convert the business.
At the close of business on Friday it was still not clear exactly what was happening. Chairman Dennis Chester and Managing director David McGlone were unavailable to comment.