Mouchel has appointed a new Chief Executive, Grant Rumbles, and interim Chairman, David Sugden. Rumbles succeeds Richard Cuthbert who left the company on October 6 following a trading statement from Mouchel that financial errors and a re-evaluation of contracts meant that the group’s profits would be £8m lower than anticipated for 2010/11.
Since the profits warning, the group has been in discussions with its lending banks regarding covenant breaches which are anticipated to arise...
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