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17 Oct 2011
THE NEW interim chairman of Mouchel has quit after taking on the role last Thursday.
Non-executive David Sugden took on the role, with his background in turning around businesses was expected to be key in helping the engineering business get back on its feet. The business took and £8m hit after an acturial error was discovered, plus revisions to its provisioning for contract risks.
New executives, chief Grant Rumbles and FD Rod Harris, "remain focused on the steps necessary to secure the future of the company", the company said in a statement to the stock exchange.
The company is expected to breach its banking covenants. KPMG has been asked by Mouchel's lender to provide a report into finding a stable funding structure.
Mouchel said that lending banks were "fully supportive" of the board and its executives.
Senior independent director Sir Michael Lyons will chair the board while a new chairman is sought.
Its share price climbed 0.5p, to 13.5p, in this morning's trading.
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