Nicole Yershon (pictured), director, innovation solutions at Ogilvy Group UK, tweeted last night: "It’s with regret that Labs has been shut down".

According to The Drum, the lab’s team of five, including Yershon – who started the division, are understood to be leaving the business.

Earlier this year Ogilvy’s worldwide executive director and EMEA chairman, Paul O'Donnell, warned that the group would reduce its investment in the UK if the country voted to leave the European Union.