Mouchel is to float for £500million
SUPPORT services group Mouchel is set to become the latest in a wave of companies to try to cash in on buoyant markets by floating on the stock exchange.
[Mouchel] had previously rejected a £330million takeover bid
Mouchel, which provides services in road maintenance, water, education and environmental sectors, is said to have appointed investment bank Rothschild to explore a float that could value it at £500million. Mouchel would follow a series of businesses floating including Poundland, Pets At Home and AO World.
However concerns that investors would undervalue businesses have prompted fashion retailer Fat Face and budget airline Wizz Air to pull listing plans. In 2012 Mouchel called in administrators after shareholders failed to back a restructuring plan.
It had previously rejected a £330million takeover bid from the former VT Group in 2010 as well as offers of £150million the year after from rivals Costain and Interserve, claiming they undervalued it.