Market blizzard deflates Wheel

Leading digital media group Wheel has axed 20 per cent of its work force from its Clerkenwell offices.

The move is the latest signal how the e-business slowdown has hit the wider UK digital media sector. Just three months after the relaunch of merged business, the 380-strong group is making 70 redundancies.

Wheel chief executive Phil Redding was unavailable for comment as Design Week went to press. However, in a statement he blames the “market blizzard”.

“We have managed to survive the market blizzard longer than many others, remaining profitable throughout. However, we have to face the fact that we have too many staff for the opportunities out there at the moment,” he says.