Award for reborn Mouchel

THE company that provides Oldham Council services has turned its finances around.

Mouchel, which provides back office, customer contact and some highways services for the council, went into administration last year with debts of £87 million.

But bosses have now received a financial restructuring award from the Institute for Turnaround at a ceremony in London, after transforming the company’s fortunes.

Mouchel first indicated problems in December 2011, with an annual loss of £65 million.

Mouchel went into administration ithe following August when its shares were suspended after falling to less than a penny.

Days later the firm moved out of administration after being sold to MRBL, a new company owned by the lenders of Mouchel Group plc and the group’s management. It announced business as usual and no job losses among its 8,000 staff. The new company reduced costs and won new contracts.

Chief executive Grant Rumbles, who took over in October 2011, said: “We are delighted to accept this award. “Through the hard work of all of our people we have come out the other end even stronger.”