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Stricken Mouchel loses second chairman in three days

Troubled consultant Mouchel has lost its second chairman in three days after latest incumbent David Sugden quit over the weekend.

Sugden had only taken up the post on an interim basis on Thursday following the resignation of Bo Lerenius. The company said Sugden’s resignation followed further discussions with the board and other key parties about the best way to secure the group’s future.

The firm’s share price actually rose slightly on the news to 17p, up from 13p at the start of trading.

In the last week the troubled consultant has installed a new chief executive and two new chairmen, all after former chief executive Richard Cuthbert quit amid an £8.6M accounting black hole. The firm remains close to breaching the covenants of its £170M bank loan and is facing administration.

But it said today that its lending banks are “fully supportive” of the board and its executive team. Sir Michael Lyons, senior independent director, has stepped in as interim chairman and is leading the search for a new chairman.

 

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