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.
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