Mouchel turns to Goldman Sachs for debt advice

Grant Prior 12 years ago
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Mouchel has hired Goldman Sachs to advise on how to cope with its debt pile.

The Sunday Times reported that options under consideration by the investment bank include a debt-for-equity swap which would wipe out existing shareholders and hand control to the consultant’s lenders.

A break-up and sale is also believed to be an option as is a new share issue to raise cash.

Mouchel posted losses of £64.8m for the year to July 31 2011 following a string of profit warnings.

Mouchel has already cut 1,000 staff after closing 14 offices as staff numbers fell from 10,425 in 2010 to 9,402 last year.

The firm declined to comment on the report.

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