KPMG sells infrastructure group
Administrators Richard Heis, Ed Boyle and Jane Moriarty, have arranged to sell the company to MRBL Limited, a newly formed company, owned by affiliates of Mouchel’s lenders – RBS, Lloyds Banking and Barclays.
The deal stipulates that all of the group’s trading subsidiaries will continue to trade with no interruption to ongoing business. Other than its lenders, Mouchel Group has no other identified creditors.
Initially the company expressed its intention to restructure the business earlier this month, proposing a debt for equity swap, the payment of a special dividend to existing shareholders and the cancellation of existing shareholders’ equity.
Shareholders however, rejected the proposed changes at the company’s general meeting, with the directors consequently applying to court for an administration order.
"Following the rejection by shareholders, 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," Heis said. "It’s ensured continuity for the subsidiaries, suppliers, customers and 8,000 employees."