.........The bloodletting at Mouchel has continued with Bo Lerenius stepping down
as chairman.
Last week the company’s largest shareholders said they supported the chairman and Mr Lerenius said he had never considered quitting.
However, he says now is the “right time to hand over” the chairmanship. (and get out from under before the shit hits the fan)
Grant Rumbles replaces Richard Cuthbert as chief executive, who was ousted
from the company last week after it revealed an “actuarial error” will wipe
£4m from profits.
13th October David Sugden, a non-executive director, is named interim chairman.
16th October David Sugden Quits -. Mouchel's lending banks refuse to work with him!
Sir Michael Lyons, the former BBC Trust chairman, has been parachuted into Mouchel as interim chairman, which is heading for a breach of banking covenants and wants to refinance its £170m of bank facilities.
It's £170m of bank facilities were set up just a few months ago after it was revealed that Mouchel’s consortium of lending banks – Barclays, Royal Bank of Scotland and Lloyds – had hired Deloitte, the accountants to review Mouchel's finances, triggering worries about the company’s financial position.
Don't you just love the way these guys at the top jump ship as soon as there's a whiff of blame wafting about. What's the betting these two will surface in a month or two, smelling of roses, in some overpaid non-job. In the meanwhile Mouchel are still lading and teeming your money. Oldham council under the
Apropos of absolutely fuck all, have you noticed 'councillors allowances' have been removed from the council website. Nothing to hide, have they?? Let's get them back, see what the venal bastards are up too! It's our money!
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