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.