Mouchel chief quits over writedowns

MOUCHEL chief executive Richard Cuthbert has quit the design and engineering group after writedowns hit the business.

An “actuarial error” to the tune of £4.3m impacted on a gain the business expected to mitigate the tougher than expected conclusion of a number of contracts.

New finance director Rod Harris has also reviewed contract risks and project claims, and increased provisions to a similar figure.

Chairman Bo Lerenius takes on the executive chairman role until a new chief executive is appointed.

Lerenius said: “I would like to express the board’s gratitude to Rich for his many years of service and his continuing belief in and commitment to the business. The board will focus on maintaining Mouchel’s position in its core markets in the interests of all its stakeholders.”

It share price has fallen to 17.75p from 32.5p since the announcement.

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