Banks join Mouchel managers in buyout
The specialist advisor to local government, which has nine North West offices, has been sold out of administration in a pre-pack agreement with its banks.
The newly incorporated vehicle, MRBL Limited, owned by the lenders of Mouchel Group plc – RBS, Lloyds Banking Group and Barclays – and the group's management, has acquired the businesses of Mouchel from the administrator of Mouchel Group plc, KPMG.
Mouchel said in a statement issued on Saturday 'this marks the completion of the group's financial restructuring and provides the business with a strong financial platform for the future.'
Grant Rumbles, chief executive of Mouchel, added: "The completion of this restructuring means that the long-term future of this business is secure and the jobs of more than 8,000 people have been preserved. We now have the right capital structure to take Mouchel forward. For our clients and suppliers it is business as usual. With a stable and supportive ownership structure and a balance sheet that is fit for purpose, Mouchel will be in a strong position to rebuild the business and start winning large contracts again. I'm pleased to say that we now have everything in place to be a stable and successful business."
An earlier plan to swap £87m of debt for an equity stake was rejected by shareholders. Trading in Mouchel was suspended on the London Stock Exchange on Friday.
How on earth can it be "business as usual" when a company of this size has gone through administration! Would you trust them? Mis-management on a massive scale!
By Now-poor shareholder