All 250 employees of the Teneo-owned agencies in the UK have today (Monday) moved into new offices near London Bridge station, following a restructure of the London business under one P&L structure.
It comes after US-headquartered Teneo's acquisitions of London agencies Blue Rubicon and StockWell, and later Pendomer Communications, in 2015. These brand names will now disappear as the agencies are absorbed into Teneo Blue Rubicon, whose senior team is led by former Blue Rubicon CEO Gordon Tempest-Hay - now CEO of the new venture - and Blue Rubicon senior partner Fraser Hardie, who becomes executive chairman.
Teneo does not discuss its financial results but PRWeek estimates that annual revenue for the combined Teneo Blue Rubicon would be in the region of £35m to £40m. This would put it among the top five biggest UK PR agencies by revenue in the PRWeek UK Top 150 consultancies report.
In a statement on its website, the company said Teneo Blue Rubicon has been grouped around four core 'centres of excellence': reputation campaigning, government relations, financial communications and strategy consulting.
It will also include members of Teneo’s consulting, sports, digital and intelligence divisions.
In January Teneo said Stockwell and Pendomer would be rebranded under the Teneo Strategy banner but that Blue Rubicon would retain its separate idendity.
The latest move is seen as a response by Teneo, which was founded in 2011 and backed by private equity firm BC Partners, to the changing requirement of companies for a more all-encompassing offer to protect their reputations.
Teneo Blue Rubicon said: "The combined London offering represents a major new force in the European consulting market and will provide clients with a unique set of services and expertise not available anywhere in the world today."
The operation will also include a Brexit Unit, which is currently in operation and includes executives from different divisions at the agency. Senior advisers in the Unit include former Foreign Secretary William Hague, Labour peer and ex-trade minister Lord Mervyn Davis, and Sir Mike Rake, former president of the Confederation of British Industries and current chairman of BT Group.
Teneo was founded by former Financial Dynamics US chair and CEO Declan Kelly and Doug Band, the former chief counsel for ex-US President Bill Clinton, as well as Paul Keary, a former senior MD of FTI Consulting.
Its client list includes major global firms such as Heineken, Coca-Cola, Facebook, Instagram, Google, Nissan and McDonald's, and in the UK it represents 13 FTSE 100 firms and 11 FTSE 250 businesses. The company employs around 550 people in 12 countries.
Blue Rubicon, which employed 225 people at the time of Teneo’s acquisition, was founded 16 years ago and was named Large Consultancy of the Year in the 2014 PRWeek Awards. It handles accounts from several major corporations that have sought to turn around their reputations, including Tesco and RBS, won from Brunswick and Finsbury respectively.
Speaking to PRWeek last year, Teneo International chairman Charles Watson said Teneo’s ambition was "to grow a global business", with the Blue Rubicon and StockWell acquisitions the "opening move" towards that goal.
In July Teneo announced the acquisition of Irish agency PSG Communications. The company is understood to be exploring other acquisitions opportunities, although it is thought the focus will be on expanding in a select number of markets rather than having ‘dots on the map’.