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Friday, 24 August 2012

Mouchel Group Plc close to administration

update:  The shareholders of Mouchel have rejected the restructuring and the board have expressed the intention to appoint administrators.  The assets will be sold to affiliates of its lenders and management.

Mouchel Group Plc struck a deal a couple of months ago that would allow the lenders to take control of the company to stop it defaulting on its debts.  This meant the lenders, Royal Bank of Scotland, Lloyds Banking Group and Barclays, releasing £87m of Mouchel's existing debt for a majority stake in the company.

However, the company has suspended its shares today in order to "clarify the company's financial position" which is often a prelude to the business going into administration.

So we wait to see what has actually happened.  The firm was going to de-list anyway after it was to pay a special dividend to long suffering shareholders.

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