Mouchel Group’s banks – RBS, Lloyds Banking Group and Barclays – have acquired the troubled consultant from its administrator, it was revealed on Saturday.
The move, which the firm said marked the completion of the group’s “financial restructuring”, followed Friday’s announcement that the firm had ceased trading shares and was seeking an administrator.
The banks made the move via a newly incorporated company owned by the lenders called MRBL.
“The completion of this restructuring means that the long-term future of this business is secure and the jobs of more than 8,000 people have been preserved,” said Mouchel chief executive Grant Rumbles.
“We now have the right capital structure to take Mouchel forward. For our clients and suppliers it is business as usual. With a stable and supportive ownership structure and a balance sheet that is fit for purpose, Mouchel will be in a strong position to rebuild the business and start winning large contracts again. I’m pleased to say that we now have everything in place to be a stable and successful business.”