The ousted bosses of Cordiant's then Business Communications International - rebranded as FD International earlier this year - have set up their own PR venture, called M, after a lengthy period of gardening leave, imposed in January.
They dropped previous High Court legal action against Cordiant seven months ago after reaching an out-of-court settlement (PRWeek, 29 March).
The agreement saw them withdraw allegations of breach of contract against Cordiant, for which it is believed they were planning a £5m action aimed at recovering loss of salary, bonuses and share options.
The pair are now in the early stages of setting up their financial and corporate agency, to be based in the Square Mile.
Miles said they are aiming for an official launch early in the new year and are in the process of recruiting staff.
Other offerings will include event management, CSR and sponsorship. 'We don't want to tie ourselves to one discipline,' said Miles.