Digital media consultancy Wheel is splitting into two independent companies, five months after it was formed through the merger of Pres.co and Foresight.
The split creates Foresight Europe, which will continue to offer marketing and digital services from west London, and Wheel, which keeps its digital focus and operates out of the former Pres.co base in Clerkenwell. Miles Johnson, director of Primecom which owns the Wheel Group, denies there will be any job cuts as a result.
Johnson also denies the split was instigated by Foresight or that it was reluctant to continue as part of Wheel because of recent redundancies at the Clerkenwell offices (DW 29 March). He says the decision to split the companies is in the interests of both businesses, adding, “The management teams are similar but not identical and in a tough marketplace you need management teams that are aligned.”
The two companies will continue to collaborate on pitches and strategic initiatives and share services. Each will have its own board of directors while Primecom will install an executive board for the Wheel Group.