Chief operating officer Stephen Coverdale, commercial director Jane Wade and director Paul Southern, all of whom worked at the company's Northampton office, were let go this week.
In order to meet clients demands in 2009 European will be concentrating on its new venture, Leading Venues of London, a search portal operated from the agency's London office.
"We are doing what you would expect any live agency to do in 2009," said chief executive Christopher Palmer-Jeffery. "We are broadening our approach to attract more business and meet clients needs. This means relocating to London and reducing the size of the Northampton office."
According to Palmer-Jeffrey the portal will create four new positions including a sales and marketing director and catering director.
"It is early doors yet but we will also be looking at acquisitions to make the business bigger," he added.
Rumours within the industy suggest there could be as many as six more redundancies made at European's Northampton office before the end of the month, however Palmer-Jeffery dismisses this as "mere speculation".