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.