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

Two Cafes & Food Kiosk
Cornwall, UK Wide

2 x Lucrative Cafes & Food Kiosk Recently Departed from a Franchise in Cornwall. Well-Established and Longstanding. Ideal Coastal Location. Recently Renovated. Fantastic Reputation. Excellent Trade Throughout the Year. Offers invited.

Asking Price: £299,950
Turnover: £500,000

LEASEHOLD


Flooring Specialists
Hertfordshire, UK Wide

Flooring Specialists: Domestic, Contract, Rentals, HMO, Housing Associations, Ecclesiastic, Schools and New Build. Well-Established. Highly reputable with multiple years of repeat business. Over 25 years of experience in the field. Domestic and Comme...

Asking Price: £400,000
Turnover: £850,000

LEASEHOLD


Movable Art Display Walls Design & Manufacture
Wiltshire, UK Wide

Blue Chip Client Base. Full Range of Display Systems. Limited Industry Competitors. Solid Platform for Growth. Offers invited.

Asking Price: Offers Invited
Turnover: £403,159

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
13
 
Sep
 

AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE

AFH Financial Group, a listed wealth management firm headqua...

 
12
 
Sep
 

Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE

Healthcare communication specialists, Lucid Group, has succe...

 
11
 
Sep
 

Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION

A small energy supplier providing green energy to 29,000 hou...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
04
 
Jul
 

Construction group Kier to jettison Mouchel Consulting | DIVISION SALE

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

 
29
 
Jun
 

Moonpig owner in business sale rumours | BUSINESS SALE

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

 
10
 
Jun
 

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