United Kingdom

Details

  • Service: Advisory
  • Type: Press release
  • Date: 24/08/2012

KPMG sells Mouchel Group plc to MRBL Limited via ‘pre pack’ administration 

Richard Heis, Ed Boyle and Jane Moriarty of KPMG have been appointed Joint Administrators to Mouchel Group plc, the infrastructure and business services group.  Immediately following their appointment, the administrators sold the business to MRBL Limited, a newly incorporated company to be owned by affiliates of Mouchel Group’s 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.  No other company in the group will enter administration and suppliers, customers and employees are not expected to be materially affected.   With the exception of the lenders, Mouchel Group plc has no known creditors.

 

Mouchel Group plc announced its intention to restructure the business on 1 August, proposing a restructuring plan which included a debt for equity swap, the payment of a special dividend to existing shareholders and the cancellation of existing shareholders’ equity.   Today, at the Company’s general meeting, the shareholders of the business rejected the proposed restructuring plan, and the directors consequently applied to court for an administration order.

 

Richard Heis, joint administrator and partner at KPMG, said: “A fall in profitability meant that the business could no longer service its debt facilities.  Restructuring the balance sheet in order to reduce the debt and secure ongoing funding was essential to secure the future of the business.

 

“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. It has ensured continuity for the business’ subsidiaries, their suppliers, customers and 8000 employees, whilst enabling the business to restructure, putting it on a stable footing for the future.”

 

-Ends-

 

Notes to editors:

 

For more information regarding the administration, please contact:

 

moucheladministrationqueries@kpmg.co.uk

 

 

For media enquiries, please contact:

 

Katy Broomhead, PR manager at KPMG: 0161 246 4623 / 07824 537963

katy.broomhead@kpmg.co.uk         

 

Zoe Sheppard, PR manager, KPMG: 0117 905 4337/ 07770 737994

zoe.sheppard@kpmg.co.uk                              

 

KPMG Press Office: 020 7694 8773

 

 

For further information on the acquisition, and information about Mouchel including office locations and staff numbers, please use the contact facility at the following web address:

 

www.mouchel.com

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff.  The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

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