More job losses expected as Mouchel cuts costs

Grant Prior 12 years ago
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Mouchel is set to unveil another round of cost cuts this week with more jobs expected to go at the consultant.

The Telegraph reported that central costs have been under the spotlight with a particular focus on the management structure, corporate property bill, and IT systems.

The cuts are believed to be designed to put the company on a firmer footing ahead of a planned financial restructuring.

Mouchel has hired Goldman Sachs to advise on how to cope with its debt pile.

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.

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