According to a report in the Financial Times an insider said: “We are open to take over, the board would consider anything serious.”
It has also emerged that Mouchel’s big lenders are calling in accountant KPMG to carry out a full review of the business after the profit warning.
But one city analyst told the Enquirer: “Potential bidders will probably wait to see what comes out of the KPMG review and talks with the three lending banks before making a move.
“Companies may decide to wait to see if there is the opportunity to pick off pieces and contracts in a bank-led break-up.”
Last Thursday chief executive Richard Cuthbert resigned as the firm admitted an accounting gaffe and over optimistic expectation of contracts settlements would require an £8.5m profit writedown.
Mouchel’s value dropped to about £21m, significantly lower than the bids it received from Costain and Interserve, both of which Cuthbert successfully argued should be rebuffed by shareholders.
The offers were initially worth in excess of £170m, but were subsequently reduced when the extent of trading problems became clear.
Mouchel has debts of £87m and is scheduled to pay down around £30m in the Spring.