Mouchel confirms takeover approaches

Mouchel has confirmed that it has received takeover approaches that have led to a significant rise in its stock price.

"The board does not believe that these preliminary approaches reflect the true value of the company," the group said.

It follows a tough year for the the outsourcing specialist which recorded a pre-tax loss of £15m in the year to July 31. The firm blamed the collapse of its workload in the Middle East, cuts in public spending and a huge restructuring exercise...