Mouchel considers sale over £90m debt

Mon, 19 Mar 2012 | BUSINESS SALE

Engineering firm Mouchel has brought in Goldman Sachs to advise on a possible sale as it looks to tackle its £90 million debt pile.

Options to be considered include a debt-for-equity swap - which would wipe out existing shareholders and pass control over to Mouchel’s lenders - a new share issue to raise funds and a break-up and sale.

The Sunday Times reported that Glynn Thomas, previously the corporate development director at VT Group, has been brought in to assist Mouchel’s chief executive, Grant Rumbles, with strategy.

During his time at VT Mr Thomas had failed in an attempt to purchase Mouchel. It is believed he will be acting as adviser to Mr Rumbles on a potential sale.

In 2011 London-based Mouchel entered rescue talks with its main bank lenders – RBS, Lloyds and Barclays – after a large profit downgrade following the discovery of a deep hole in its accounts.

Mouchel had miscalculated its profits on a project by £4.3 million after an actuarial error on its pensions. In addition to this, it was uncovered that a further £4.3 million needed to be put to one side after aggressive accounting on some of its contracts came to light.

Mouchel has offices in the UK, Ireland, the Middle East and Africa. It is market leading in water, public health, power, highways and structural engineering.

Share this article

Latest Businesses for Sale

Recruitment Agency (Fast Sale)
North West, UK

Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...

Asking Price: Offers Invited
Turnover: £2,400,000


Commercial Contractor (Fast Sale)
Midlands, UK Wide

Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.

Asking Price: Offers Invited
Turnover: £3,400,000

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000


View more businesses for sale

News Search

Latest News


Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...


Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...


SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide


Related News


Construction group Kier to jettison Mouchel Consulting | DIVISION SALE

Construction group Kier is gearing up to sell off Mouchel Co...


Moonpig owner in business sale rumours | BUSINESS SALE

A number of private equity firms are thought to be circling ...


Punch Taverns looks to reduce debt pile | BUSINESS NEWS

Pub company Punch Taverns is looking to restructure the busi...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources