PRWeek has learned that all but one of the agency's property and planning division resigned en masse last Friday afternoon.
It is understood that they are setting up a new consultancy called Quatro, which will be headed up by Good Relations MD Paul Dimoldenberg.
Good Relations, part of Lord Bell's Bell Pottinger Group, has 45 staff in four divisions: property and planning; public affairs; corporate; and consumer.
Bell said: ‘We have agreed to a management buyout.' He added that it had not yet been decided whether the property and planning division would be resurrected.
‘The existing business is being taken over by people from our public affairs planning division, TTA's planning staff and Bell Pottinger North's planning department,' he said.
‘We will sit down and discuss over the next few weeks whether we want to set up a new property and planning division. If we think there's a place in the market, we will.'