A spokeswoman for Sir Frank's new advertising agency, The Red Brick Road, said: "At no point did Sir Frank approach Garry Lace."
Lace, spotted lunching at The Ivy today (read more on our blog), has been suspended on full pay while Lowe investigates what it described as "certain matters that had come to light".
It refused to confirm that one of these matters was meetings between Lace and Sir Frank.
The Red Brick Road, which opens its doors on Monday, is being staffed by a number of former Lowe executives including former chairman Paul Weinberger and creatives Sam Cartmell and Jason Lawes.
The agency won the £45m Tesco account from Lowe in December. Lowe's parent company Interpublic Group responded by threatening legal action and saying it would make Lowe staff work out their leave before they could join the new agency.
Sir Frank responded with his own legal threat, saying that the claims being made by Interpublic were baseless.
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