The pair have launched Red Dog Communications along with TMF senior account executive Georgie Easton and senior account manager Sam Espensen.
They have also taken TMF clients TBWA\London, STREAM\, The Viral Factory, MediaEquals as start-up clients.
TMF was set up in 1998 and was bought by marcoms group Cagney in 2006.
‘We decided we wanted our independence back after selling the business,' said Rhys-Evans. ‘Red Dog has been set up to meet all the needs of our clients in this challenging environment. Some of the greatest ideas are borne out of recession, where there are great opportunities for a small, entrepreneurial business like ours.'
TMF's remaining clients include CBS Outdoor, research agency 38th Floor and digital agencies Clusta, Tradewind London and Digital Agency Search.