Mouchel ‘for sale'

Consultancy firm Mouchel is open to takeover offers following it recent slump in share price, it has been reported.

A source at the company has told the Financial Times  that Mouchel’s board is willing to consider “anything serious”, after an accounting error forced the company to downgrade its expected profits by £8.6m.

The announcement of that error also caused chief executive Richard Cuthbert to tender his resignation, and saw shares in the firm plunge 30%.

Mouchel has rejected three takeover bids in the past year, but with the accounting error seriously weakening the engineering firm’s position, it is now more amenable to interest from rivals.

Costain, Interserve and VT Group (which was itself taken over by Babcock last year) had all previously sought to buy the firm.

Mouchel’s chairman, Bo Lerenius, has taken on the role of executive chairman following Cuthbert’s departure until a replacement can be found.