Mouchel chairman quits after three days at helm

Grant Prior 14 years ago
Share

Mouchel interim chairman David Sugden has resigned from the troubled consultant just three days after accepting the role.

Sugden is believed to have lost the backing of the firm’s lending banks who are owed the first £30m tranche of debt payments in March.

Sugden’s departure is the latest blow to the consultant which has been hit by a series of profit warnings and a dramatic dive in its share price.

He is believed to have wanted the chairman’s role on a permanent basis but the move was blocked by bankers.

Former BBC Trust chairman Sir Michael Lyons has now been parachuted in as interim chairman while the search for a permanent figurehead begins.

Mouchel confirmed Sugden had resigned following “further discussions with the board and other key parties about the best way to secure Mouchel’s future”.

The firm’s statement added: “The lending banks have informed the board that they are fully supportive of the board and its executive team which believes that Mouchel has strong and valuable businesses which need to be supported by a stable, long-term financial structure.

“Sir Michael Lyons, senior independent director, is leading the search for a new external chairman and will chair the board while a new chairman is sought.”

Sugden started his brief stint in charge last Thursday when chairman Bo Lerenius and chief executive Richard Cuthbert left following the profits warning.

Sugden said on his appointment: “In my role I will be focused on ensuring Mouchel has a clear strategy and a sound financial structure, whilst building our relationships with our shareholders and our banks.”

The Mouchel statement added: “Executive directors Grant Rumbles and Rod Harris remain focused on the steps necessary to secure the future of the company and they enjoy the full support and confidence of the board and its lenders.”

Latest news

BSR backlog swells as new build approvals run to 36 weeks

First official Government figures expose full extent of Gateway project logjam
1 day ago

Repair slowdown drags down construction output

New work activity rises in May despite overall 0.6% output fall
1 day ago

Equans suffers £29m loss as new build exit drags on

Refocused retrofit contractor still dogged by legacy losses despite profitable core work
1 day ago

Scaffolding trade body NASC facing discrimination claim

Former training manager to take trade body to Employment Tribunal
1 day ago

ACS lands lead role on Stafford transformers lab

Contractor to start main £20m expansion in live site environment
1 day ago

GRAHAM sees profits rise despite dip in turnover

Record order book as contractor confident about future prospects
1 day ago

Nixon Hire sells 200-strong welfare van fleet to Sunbelt

Sunbelt more than doubles mobile site welfare capability
2 days ago

Henry family and directors face claims topping £31m

Administrators chasing dividend payout, unpaid loans and family benefits
2 days ago

Vistry eyes second-half affordable homes work surge

Government rent reforms and funding pledges power-up work pipeline
2 days ago

JV picked to progress Severn-Thames water transfer plan

AtkinsRéalis and Stantec to map pipeline or canal link
2 days ago

Police catch on the run construction boss

Director missing for months after failing to appear in court after site death
2 days ago

Green light for £800m Poplar estate revamp

Construction to start next year at Teviot Estate
3 days ago

Civil engineering trade body boss leaves to join Mace

CECA Chief Executive Alasdair Reisner joins consulting arm
3 days ago

House builders offer £100m to drop competition probe

CMA set to strike deal with cash going to affordable housing programmes
3 days ago

Transport Secretary axes £1.4bn road jobs in south east

Alexander pulls plug on A12 and A47 upgrades in budget crackdown
3 days ago

Fusion taps HG for first Birmingham student job

622-bed Bristol Road scheme kicks off contractor’s Midlands push
3 days ago

VolkerWessels UK parent group to sell core Dutch business

UK, German and North American operations remain with Dutch owner Reggeborgh
3 days ago

Union claims sex pests are rife in construction

Shock assault figures following Unite survey of 100 workers
3 days ago

Green light for two more City of London towers

Combined 77 more storeys of office schemes approved
4 days ago

John F Hunt starts enabling works on £200m Strand Premier Inn

Main contractor due to be appointed this summer
4 days ago

£200m deal unlocks full 1,000-home Digbeth scheme

Caddick has started early works on the Moda-led Stone Yard project
4 days ago

10 big road and rail upgrades get funding green light

£1.3bn A66 dualling, Simister Island junction upgrade and Midlands Rail Hub get funding
4 days ago

Design, build and finance plan for £1bn Cheddar 2 reservoir

South West Water starts pre-bid market engagement on 75km pipeline and reservoir
4 days ago

Illegal working blitz catches Indian builders

Home Office raids target migrants working cash-in-hand on sites
5 days ago

Major Sizewell concrete win for local supplier

Eastern Concrete Ltd wins its biggest ever contract
4 days ago

SIG chief put on gardening leave

New CEO appointed as Gavin Slark steps down immediately
4 days ago

Adjustable hard hat launched for different hair types

AtkinsRéalis initiative will also make PPE more comfortable for bald builders
4 days ago

Lynch appeal sees £800,000 abnormal load fine reduced to £10k

Judge rules original fine was was 'manifestly excessive'
5 days ago

Government calls up firms to explore PPP healthcare projects plan

New public-private partnership idea to be scoped out with contractors
5 days ago

Balfour Beatty terminates Danny Sullivan labour deals

Around 500 workers on HS2 will be moved to alternative agencies or be taken on direct
1 week ago