Sources at the agency said the action had been triggered by 'reduction in client income, particularly in the pharmaceutical sector'.
In a statement, M&F MD Julie Flexen said: 'We are overstaffed in part of our business and this will become an issue in the next fiscal year. It is with huge regret that we are considering making cuts. But it is our responsibility to ensure the business continues to strive, providing opportunity for growth.'
During the consultation period the agency will look to move staff into other areas of the business.
Late last year the agency lost its grip on pharmaceutical company Organon's account (PRWeek, 14 December 2007). The account for its contraceptive products went to Virgo Health PR.