Consultant will restructure into two divisions and close 13 offices
Consultant Mouchel is looking to save an extra £3m from costs as part of a wide-ranging restructure, the firm has said.
The company was originally looking to save £18m during the cost-cutting round but that figure has been revised upwards to £21m.
Mouchel is closing 13 regional offices and is reorganizing into two divisions – Mouchel Infrastructure Services and Mouchel Business Services.
In a trading statement the firm said it would unveil a full financial restructure by the end of next month, but warned “all options being considered will result in there being only limited value for existing shareholders”.
Chief executive Grant Rumbles said: “The group is in a period of transition as we implement our restructuring plans to achieve the benefits of being a smaller more streamlined organisation with a lower cost base.
“Once these actions are implemented fully, the directors believe that Mouchel will return to being a profitable and cash generative business with the balance sheet restructured to give us the correct long term funding structure.
“This will position us well to compete effectively once more in our markets, which continue to provide attractive long term outsourcing opportunities both within the UK and internationally.”
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