Jobs saved by firm's financial restructuring

Published on by Stuart Pearcey (author)

 (photo: Stuart Pearcey)
Employees of Mouchel at Lincoln and Bradford have more secure jobs thanks to a successful financial restructuring by the company, which employs about 8,000 people across the UK.

RBS, Barclays and Lloyds are together to invest £87 million in the Mouchel Group, leaving the company with an appropriately-sized £60 million of debt.

The company went into voluntary liquidation and was bought by MRBL, a newly-incorporated company owned by the lenders of Mouchel Group plc and the Group's management.  The company has now delisted and will now operate as a privately held entity.  All of Mouchel's trading businesses continue to conduct business as usual. 

Grant Rumbles, who joined Mouncel as Chief Executive last October, said: "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. Mouchel now has the right capital structure to take the company forward. With a stable and supportive ownership structure and a balance sheet that is fit for purpose, Mouchel is in a strong position to support our existing clients and also to start winning large contracts again.

"This brings the financial restructuring to a close and gives Mouchel the stability and certainty required to continue delivering excellent services to its clients and their local residents."

The company provides advisory, design, project delivery and managed services associated with infrastructure and business services across the highways and transportation, local government and utilities markets.