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.
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
02
|
Jul
|
Acquisitive professional services firm secures new private equity owner | BUSINESS SALE
A professional services firm that has completed 16 acquisiti...
17
|
Mar
|
Powerhouse legal tech firm ShareDo snapped up by Clio | BUSINESS SALE
“Powerhouse” legal case management platform Shar...
07
|
Jan
|
Aston Lark Acquires Corporate Healthcare Specialist | BUSINESS SALE
Insurance broker Aston Lark has acquired Leicestershire-base...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.