Mouchel chair resigns after three days

The interim chair of struggling consultant Mouchel has resigned just three days after taking the job.

The consultant announced the appointment of David Sugden on Thursday as they revealed the firm was about to breach its banking covenants.

However it admitted this morning that his appointment lasted all of three days as he resigned over the weekend, following “further discussions with the Board and other key parties about the best way to secure the group’s future.” According to press report he had lost the backing of key banks.

Senior independent director at Mouchel Sir Michael Lyons, the former chair of the BBC Trust and chair of the English Cities Fund, will now head the search for a permanent replacement.

The firm said: “The lending banks have informed the Board that they are fully supportive of the Board and its Executive team which believes that Mouchel has strong and valuable businesses which need to be supported by a stable, long-term financial structure.”