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Massow rounds on ex-partner after he buys back his company

Ivan Massow has launched an extraordinary attack on his former business partner after buying back his own company.

Massow says Towry Law and venture capitalist Cata-lyst were also interested. Massow Rainbow went into receivership two weeks ago after an expected cash inj-ection from Catalyst failed to go ahead.

The client list was bought from the receivers by Sarah Killick on behalf of Massow for an undisclosed sum and now trades as Felix Financial, an appointed representative of Harben Financial Services.

Massow has taken out full-page ads in the gay press questioning the competence of Massow Rainbow managing director Louis Letourneau. The ad says: “Ivan Massow is now back. Having carelessly left his business in the hands of another, Ivan Massow is now back in charge and happy to confirm that it&#39s business as usual.”

Letourneau says: “The ad is very unprofessional. It is a typical example of why we could not get on in practice.”

Massow says: “I was a non-executive director and have a right to buy back the company with my name over the door. It was not a ditch and switch. The amount paid for the client list was considerable and should be enough to pay off the creditors.

“I have licenced my name to Felix Financial and will be working as a marketing consultant. I am in daily contact with the PIA. Sarah is basically babysitting the client list.”

Catalyst executive chairman Rod Schwartz says: “We tried desperately to save the company. Our investment is now probably worthless. You need to ask who has benefited from this.”

Towry refused to comment.


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