Agency MD Julie Flexen confirmed job cuts were on the way but declined to comment on the number of staff that would be affected.
'Keeping our business in good shape, running top quality campaigns, and providing opportunities for growth and personal development are key business priorities,' she said.
'Sadly, clients spending less is today's reality and, while it is regrettable, reducing costs is the appropriate response.'
The agency's consumer and admin teams are expected to bear the brunt of the job cuts.
According to PRWeek's Top 150, M&F had 46 staff in 2008, down from 57 the previous year.