BusinessCompany NewsTurnaround specialist Shearer joins Mouchel

Turnaround specialist Shearer joins Mouchel

Former Deloitte partner David Shearer joins Mouchel as chairman

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.

For more companies and markets data visit the Share Price Centre

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor