Mouchel set to bid for contracts again
Mouchel, the outsourcing firm that runs 13 city academies and maintains council infrastructure such as roads, will start bidding for major contracts again having been sold to its banks.
Grant Rumbles, chief executive, told The Independent that Mouchel, which saw its debt slashed from £147m to £60m after being bought out of administration on Saturday, was now secure enough to chase long-term deals. Mouchel had frozen pitches for major contracts because of its financial weakness.
"This will put us back on a profitable footing, so that by the end of September we will have the cost base right," said Mr Rumbles, who has cut £9m of overheads just in reducing the number of properties Mouchel works from. "In early 2013, we can start bidding for big, long-term contracts again. With pressure on local authorities to be more efficient there will be opportunities for us and we'll be able to go after five-to-ten year contracts again."
On Friday, shareholders snubbed a restructuring plan that would have seen them receive a penny for every pound of their investments. This forced management into an alternative restructuring, which was the same except with no payout to investors.
Lenders Lloyds, Barclays and Royal Bank of Scotland hope to regain what they have written off in three to six years.
- 1 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 How to gain confidence and maximise your sexual potential
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...