Loncraine, 49, was most recently represented for commercials by James Garrett & Partners, where he spent almost 30 years before the production company closed its doors in 2003. Since then, he has concentrated solely on his feature film career, directing My House in Umbria (2003), Wimbledon (2004) and the current thriller Firewall, starring Harrison Ford.
During his commercials career, Loncraine shot a series of high-profile ads, including a number of the "Nicole and Papa" films for the Renault Clio, "Manhattan" for British Airways and "Moon River" for Halifax.
Loncraine studied sculpture at the Royal College of Art, before attending the Royal College of Art Film School. He started his career at the BBC, where he worked for three years before moving into commercials.
Amanda Martin, the 2AM Films managing director, said: "Richard has an incredible, infectious energy. He really missed directing commercials and working with agencies and clients. His unique experience can only serve to reassure those same clients today, along with his added experience of working with the studios and Hollywood stars.
"We have no doubt that his vast array of talents will attract scripts."
Loncraine has won two Bafta awards for Best Television Director for Wide-Eyed and Legless and the Dennis Potter-scripted Blade on the Feather.
Earlier this year, he was awarded a Technical Oscar for his part in the invention of the Hot Head, a remote camera head he devised with Laurie Frost and Peter Hannan.