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Initiative UK is not planning to make any immediate redundancies following the loss of its pounds 196 million Unilever UK account.
The agency employs 38 people directly on Unilever, which it has lost as part of a Western European consolidation into MindShare.
However, Jerry Hill, the agency's chief executive, said the account does not move to MindShare until next July, and he hopes to be able to pull in new business to cover part of the Unilever loss.
The pounds 196 million (according to …