KPMG organises pre-pack of Mouchel to lenders

by Richard Crump

More from this author

28 Aug 2012

  • Comments
kpmg reception

THE ASSETS OF infrastructure company Mouchel have been sold to a newly incorporated company through a pre-pack sale arranged by KPMG.

Richard Heis, Ed Boyle and Jane Moriarty of KPMG were appointed joint administrators on Friday after shareholders rejected a proposed restructuring, forcing the company into administration.

Mouchel, which helps build and maintain the UK's motorways, has now been sold to MRBL Limited, a new company owned by affiliates of its lenders – RBS, Lloyds Banking Group and Barclays – and the group's management team.

The deal means that all of the group's trading subsidiaries will continue to trade with no interruption to their businesses, KPMG said. No other company in the group will enter administration and suppliers, customers and employees are not expected to be materially affected.

Shareholders rejected a planned debt for equity swap whereby the group's lenders would write off £83m of debt in exchange for an 80% stake in the new company.

"Following the rejection by shareholders of the company's proposed restructuring plan, the sale via 'pre pack' was required to provide the business with as much stability as possible by quickly securing a new owner and finance for the business," said KPMG partner and joint administrator Richard Heis.

"It has ensured continuity for the business' subsidiaries, their suppliers, customers and 8,000 employees, whilst enabling the business to restructure, putting it on a stable footing for the future."

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send


Financial Planner

The Ministry of Defence Surgeon General’s (SG) Finance Department, Lichfield, Staffordshire, Permanent, Full Time, £ £30,008




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.