Media Square cuts jobs as client spend nosedives

Marketing services group Media Square, owner of agencies including financial services specialist The Gate and direct shop CMW, is to cut around 90 jobs in reaction to “significant reductions in client spending plans.”

The group says it has been particularly hit by cut-backs in spend by automotive, retail and financial clients and is “expecting a very significant reduction” by one of its largest financial sector clients.

Media Square, which offers services in advertising, marketing, design and research, did not reveal where the job cuts will take place across the group in the trading statement to the city this morning (12 February).

The group says it now expects its full year operating profits to be below expectations, although figures will be helped by the staff cuts.

The Gate’s financial sector clients include the Saxo Bank and the Lincoln Financial Group. Its bid to move away from financial services sector exposure saw it bag the charity-backed Government anti-obesity Change4Life brief last month.

Latest from Marketing Week

Marketing Week Meets… Mark Ritson

The Marketing Week columnist, consultant and professor explains why marketers need to talk about “making money first”, in a podcast recorded at the Festival of Marketing in October.

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here