Top spin doctors’ PR firm hit by defections over owner strategy

SIGNS of exodus yesterday at M Communications, the top flight financial public relations agency founded by City veterans Nick Miles and Hugh Morrison.

According to insiders, five senior people handed in their resignations, unhappy about the way the agency's profits are being distributed.

Insiders told The Capitalist last night that M, with annual revenues of around $20m a year, is effectively subsidising other parts of the group. King Worldwide is the owner of M, and M is said to be the most profitable part.

Clients were told yesterday of the departures and for the time being are staying loyal.

■ Finally there are signs of life over at the old Midland Bank headquarters in the City. The stunning Lutyens building, that once played host to a James Bond film shoot, has been dormant for years. However, last week construction workers were spotted putting up hoardings around the main entrance. Unfortunately The Capitalist hears that the recent activity is not the ground-breaking of a much-awaited London stock market museum. It is common knowledge that Winterflood Securities founder Brian Winterflood has had his eye on the site for years. But he told The Capitalist the government doesn’t seem interested in helping the museum cause, so the project is now “all a bit of a dead duck I’m afraid.”

■ On the common list of workplace gripes a stinky brie stashed in the fridge, or perhaps fluorescent strip lighting, are both fairly normal complaints. However, over at accountancy giant PwC, one senior manager has a different problem to deal with. A mole tells The Capitalist that he is often left irate when a thirsty colleague frequently abandons his empty plastic cups in the gentleman’s loo. Rather than setting out to catch the culprit, graduates on the floor have rallied together, taking pictures of a mug in various lavatories then emailing them to the man in charge from a specially-created account bearing the sender name: The Cupman. Some offices have all the fun.