Not only has Euro RSCG lost a rumoured £2 million a year in income, the loss of the business comes as speculation is mounting about the UK agency.
The London office is considered likely to be particularly affected by last week's departure of the global chief, Jim Heekin. Heekin was a close ally of the UK agency boss, Ben Langdon. His departure has inevitably - though perhaps unfairly - raised questions about Langdon's desire to stay at the agency without his mentor, and whether he will gel with Heekin's replacement, David Jones.
The agency's impressive new-business record earlier this year (including the £10 million LG Electronics business and £19 million from News International) has been tempered by last week's news that Euro is off COI Communications' roster, and now by the Argos loss. Could Euro have lost its momentum already?