The deal, which sees the purchase of Fuse8 Group from its parent company, comes after the business de-listed from the junior stock market in November having spent 16 months as a listed company.

The move away from the capital markets came after former chief executive Nigel Hunter left Fuse8 in October, weeks after he was relieved of his duties for failing to provide the board with an update on the company’s performance and forecasts.

Walton and Hutchison, the existing founders of the Leeds-based business, are paying an undisclosed amount.

Speaking to MandADeals back in September, a month before his acrimonious departure, Hunter said that Fuse8 had achieved its fifth consecutive year of growth as well as securing its maiden acquisition.

He added that the initial move to join AIM had been about achieving integrity in a market that is often construed as a bit ‘smoke and mirrors’.

Commenting on the recent deal Hutchinson adds: ‘We are pleased to announce this purchase and believe it will, in the long term, be great news for the staff and clients of the agency.

‘Under our ownership we will be able to commit the investment required to develop into one of the leading UK digital agencies.’

Hutchinson says that as far as staff, clients and partners are concerned, there will be no changes.

As part of the deal Hutchinson will remain at the company as director while Walton will take up the position of chief executive officer.