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Mouchel acquired by lender, management entity; restructuring complete
By Caroline Salls
Pittsburgh, Aug. 27 - MRBL Ltd., a newly incorporated company owned by the lenders and management of Mouchel Group plc, has acquired Mouchel's businesses form the group's joint administrators, marking the completion of Mouchel's financial restructuring, according to a Saturday news release.
The lenders are RBS, Lloyds Banking Group and Barclays.
"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 chief executive Grant Rumbles said in the release.
"We now have the right capital structure to take Mouchel forward. For our clients and suppliers it is business as usual.
"With a stable and supportive ownership structure and a balance sheet that is fit for purpose, Mouchel will be in a strong position to rebuild the business and start winning large contracts again.
"I'm pleased to say that we now have everything in place to be a stable and successful business."
The company announced on Saturday that Richard Heis, Edward Boyle and Jane Moriarty of KPMG LLP had been appointed as joint administrators as part of an alternative plan, which was developed to implement the proposed restructuring of the Mouchel group's balance sheet.
The assets of Mouchel were transferred to MRBL as part of that alternative plan, according to a separate release.
The terms of the sale ensure that all of the group's trading subsidiaries can continue to trade as usual, the release said.
In addition, the U.K. Listing Authority agreed to a cancellation of Mouchel's shares from admission to the authority's official list, effective on Aug. 28, the company said.
As previously reported, the company's shareholders rejected a proposed restructuring plan at a general meeting held last week.
Mouchel is a London-based consulting and business services company.
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