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Mouchel's banks bring in Deloitte to conduct review

Mouchel yesterday confirmed its lending banks had ordered Deloitte to conduct a review of the business amid expectations the firm will be refinancing its debts.

The firm last month said it had been hard hit by government spending freezes and as a result had cut over 2,000 jobs since January.

In a statement it said it was responding to growing press speculation over its future.

“Mouchel confirms that as part of these refinancing discussions Deloitte has been appointed by Mouchel’s lending banks with the agreement of the Company to perform a limited scope review,” said the statement, adding that its banks “remain supportive”.

It is expected that the refinancing will be completed by the time of its interim results in March 2011.

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