Turnaround specialist Shearer joins Mouchel

TURNAROUND SPECIALIST David Shearer has joined Mouchel as chairman.

The former Deloitte senior partner has worked on the restructurings of Crest Nicholson, and as an adviser to City Inn. He has also worked on the turnaround and refinancing of Renold, STV Group and Superglass.

The company, which maintains roads, has entered into a debt restructuring deal with banks. The deal will see Mouchel face strict quarterly covenant tests to manage its profitability.

"David's extensive experience of turnaround and capital restructuring situations was a key factor in his appointment and his appointment is good news for everyone who has an interest in the early recovery of Mouchel," said interim chairman Sir Michael Lyons.

"I am confident David will work well with the Board and with the new executive team of Grant Rumbles and Rod Harris."

Sir Michael will step back into his role as senior independent director.

Mouchel's share price climbed 0.84p to 10.25p in this morning's trading.

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