hannibal
- 12 Aug 2004 12:14
After taking over Parkman, and taking Parkman Chief Executive Richard Cuthbert, Mouchel's share price has dropped, fuelled mainly by the reported costs of the merger. Preliminary results for the year to July will be published in October. for
However the merger costs are 'one-off's' and the new organisation is stronger (and claims it will make further acquistions). Is it ready for take-off in the run-up to the publication of accounts?
Stan
- 13 Mar 2007 12:13
- 2 of 171
Anyone been following these latley?
Stan
- 29 Jan 2008 11:58
- 3 of 171
Been tracking these for a while, seem like a well run outfit most earnings not really dependent on economy. No exposure to yank market, and now they seem to be up to something in the Middle East "transportation elements of major developments in Dubai and Abu Dhabi" to quote a line from their Website...oh yes and they have 380+ job vacancies as well at the moment (hope thats not because they are a crap employer).
Price down for no apparent reason and about time we had some Director buying to add to some Institutional purchases earlier this month.
Price might go lower (410 looking at the chart) but then again might start to lift.
..so after you have DYOR what do you think?
maddoctor
- 29 Jan 2008 12:35
- 4 of 171
Stan , don,t get carried away by the 380 job vacancies , they pay their dogsbody,s in Dubai ten quid a week!
Stan
- 30 Jan 2008 16:03
- 5 of 171
Up 16p already on a down day..more to come ?
Stan
- 31 Mar 2008 11:13
- 6 of 171
http://moneyam.uk-wire.com/cgi-bin/articles/200803310701551057R.html
Don't look to bad on a first look, price 426p. down a couple of points at the moment.
Stan
- 09 Apr 2008 11:20
- 7 of 171
Bit of positive activity with these recently.
Stan
- 07 May 2008 15:16
- 8 of 171
Up to 472p despite a director selling 50 thou yesterday, nothing holding it back at the moment.
littlebert2
- 16 Jul 2008 15:17
- 9 of 171
Apparently staff annual sharesave price was set (again!) whilst SP was at it's 470p+ peak - looking at todays SP, wouldn't be time to set directors options, would it? :-)
Stan
- 18 Jul 2008 11:50
- 10 of 171
Well they better hurray up, SP now on the way back up.
littlebert2
- 17 Sep 2008 15:19
- 11 of 171
whoops - I think someone from the chartie fraternity painted a target on this !
Stan
- 17 Sep 2008 15:37
- 12 of 171
These were on the slide before this weeks events, not exactly encouraging but there again P. results coming up on 7th OCT. so lets see where we are nearer then.
littlebert2
- 17 Sep 2008 15:42
- 13 of 171
Dont think there's any surprises to come in results (it's not that kind of company!) but it's touched 2 year lows, and setting off chart 'downtrend' triggers, which is a bit daft ..... might be a nice opportunity arising... or even, at these levels, attract cash rich bidders in the sector !
Stan
- 17 Sep 2008 15:48
- 14 of 171
Ifs, buts and maybes...Can't rule out anything these days can we -):
Stan
- 07 Oct 2008 09:34
- 15 of 171
Final Results out today, look comfortable to me on first knockings, up 4% plus so far. Pity the market is the way it is as these would surely be a lot higher then they are, but there again that could be said for a number of outfits at the moment.
Stan
- 07 Oct 2008 14:07
- 16 of 171
Another Panmure buy reiteration, up nearly 10% on the day.
Stan
- 08 Oct 2008 18:56
- 17 of 171
FT250 down 230 and these up another 15p today, somethings brewing I know.
Stan
- 11 Oct 2008 11:00
- 18 of 171
Black Rock added after hours yesterday which took them above 10%.
Stan
- 19 Oct 2008 16:50
- 19 of 171
And there's more, Legal & General adding this time on Friday.
"Threshold(s) that is/are crossed or reached:
From 4% - 5% (L&G)"
Stan
- 05 Nov 2008 10:56
- 20 of 171
More buying activity today.
ALISON DEBORAH MOIRA HEWITT
8.
State the nature of the transaction
PURCHASE OF SHARES
9.
Number of shares, debentures or financial
instruments relating to shares acquired
6,182
hlyeo98
- 18 Jun 2009 08:45
- 21 of 171
18 June 2009
Mouchel Group plc
Interim Management Statement
Mouchel Group plc, the consulting and business services group, today provides its Interim Management Statement covering the period to 31 May 2009, ahead of its pre-close trading statement which is expected to be issued at the beginning of August 2009.
Trading performance
Since we reported the half year results on 31 March 2009, the Group's performance has increasingly been affected by the previously reported challenges in rail and in the Middle East. Our Management Consulting business has also been further affected by a reduction in demand for consulting services generally, as well as by the costs associated with targeting new opportunities and investing in developing our major local authority partnerships, the benefits from which have been slower to materialise than previously anticipated.
We continue to take measures to ensure that we have the right cost base for the Group going forward. This too has impacted financial performance in the short term but will ensure that we are in a strong position to deliver organic growth in underlying trading.
As a result, the Group's performance for the current year will be below our previous expectations. The position in rail and in the Middle East will also impact next year. However, we anticipate that this will be broadly offset by the cost savings secured this year and by organic growth in the Group's ongoing businesses, such that performance for the Group as a whole in 2009/10 will be broadly unchanged from the current year.
In spite of this, and notwithstanding general economic pressures, demand for the Group's services in our core markets remains generally good. We have strengthened our bidding capability and have secured some important new wins. We have also benefited from increased activity in a number of our existing commissions. We continue to have a healthy order book and bidding pipeline. Our order book still stands at close to 2 billion and we have made good progress in positioning ourselves for work currently being bid.
goldfinger
- 17 Sep 2009 14:38
- 22 of 171
Appeared late yesterday...
Mouchel Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Arbuthnot Securities
16-09-09 BUY 40.00 25.86 6.50 40.01 25.80 6.50
Panmure Gordon
16-09-09 BUY 39.99 26.12 7.02 40.97 26.64 7.37
Stan
- 17 Sep 2009 15:47
- 23 of 171
Vague take-over rumours at the mo, also preliminaries out next week.
goldfinger
- 18 Sep 2009 11:30
- 24 of 171
Moving along nicely on a rotten day all round.
goldfinger
- 18 Sep 2009 22:29
- 25 of 171
Stan, this is what ive copied off of investigate for next results..
The Group will announce its preliminary results for the year ended 31 July 2009 on Tuesday 6 October 2009.
goldfinger
- 20 Sep 2009 13:06
- 26 of 171
Heres that article I was talking about earlier from the Saturday Express Market Report ..David Shand.....
" while consulting group Mouchel firmed 24 3/4p to 246p, on suggestions it could be a target for private equity..... ends.
goldfinger
- 20 Sep 2009 15:55
- 27 of 171
Mouchel charts are appearing to be very positive....
Especially as results are due on Tuesday 6th of October.
Even if you take away this speculative Takeover talk you are still getting a chart that screams out bullish positive TA and what appears to be a great deal of momentum behind the stocks SP.....
Short term chart shows just how positive this one has been over the last few days..
goldfinger
- 21 Sep 2009 07:58
- 28 of 171
Could see a nice ride up before results.
ellio
- 18 Nov 2009 09:21
- 29 of 171
Just to let you know have dipped my toe in the water with these, they absorbed some major one-offs this year which hammered the price, mostly to do with M East, long term, well not recovered much yet, so , 250p is on the cards, this is a sound business!
ellio
- 23 Nov 2009 10:30
- 30 of 171
? looking good!
ellio
- 23 Nov 2009 10:32
- 31 of 171
Obviously, if we break 200p well you know the rest, in fact am hoping for 300p, before results whioch from memory are next Feb, so lots of momentum to go. If their markets pick-up more, who knows, but I do like the look of this.
ellio
- 14 Dec 2009 09:05
- 32 of 171
Wanted to add more at 150, was convinced this was a good business and almost recession proof, ie infrastuctire markets are still buyont, but alas didnt! thought I'd misjudged it! oh well will have to make do with just a 50% rise on a very small holding. Maybe theres bid speculation, that rise on the back of a hold and a cuatious buy note seems a bit excessive?
ellio
- 14 Dec 2009 09:17
- 33 of 171
Maybe I should read the press releases, doh! at least VT group agree with me though!
Stan
- 16 Dec 2009 14:32
- 34 of 171
Standard Life made a nice little profit on these by the looks of it, selling 76,000 @ GBP 2.45.
Stan
- 18 Dec 2009 09:31
- 35 of 171
Was away over the w/e so missed this:
"Mouchel, an outsourcing and engineering group whose shares jumped nearly 20% on Friday, has received two secret takeover approaches. The rival VT Group is understood to have made both informal offers in recent weeks, only to be rebuffed by Mouchels board, led by its chairman, Bo Lerenius. Serco and Capita, two other outsourcing groups, are said to be waiting in the wings if a formal bid materialises, reports the Sunday Times."
littlebert2
- 20 Jul 2010 15:45
- 36 of 171
This is almost back to what Mouchel paid in their takeover ... sorry, 'merger' ....
tabasco
- 20 Jul 2010 16:49
- 37 of 171
I have no interest in this stockbut just had to saygood to see you back Bertand may every punt be a winning one
littlebert2
- 21 Jul 2010 08:38
- 38 of 171
Hi Tab.... Still alive, just do very little trading these days.
I had a personal interest in this one from way back (Parkman days)...... When Mouchel took over, any who disagreed with dubious business plans got forced out ...... plan was to over-hype then sell on - looks like they forgot to find a seller before getting found out :-) ..... Just not sure how much of the old engineering business is left to salvage....
tabasco
- 21 Jul 2010 08:47
- 39 of 171
Good luck to you BertYer a good un!
moneyman
- 07 Dec 2010 09:35
- 40 of 171
The Mail are reporting any deal would be conditional on a deal with the banks - if thats the case the takeout price would be much higher than current levels.
Mouchel ripe for a bid after shares slide
By Simon Neville
7 December 2010, 8:32am
Struggling outsourcing firm Mouchel Group revealed it was being eyed for a potential takeover after a series of recent profit warnings wiped nearly 300m off the company's value compared to a year ago.
Mouchel said government spending cuts will hit business, adding that the collapse of its share price in the last few weeks 'has resulted in recent approaches'.
But it added: 'The board does not believe that these preliminary approaches reflect the true value of the company.' Last week bosses were forced to bring in restructuring specialists from auditor Deloitte at the behest of its biggest creditors, sending shares down 15%.
But yesterday shares rebounded 15.75p to 72.25p on the back of the takeover rumours, with any deal conditional on the firm negotiating the refinancing on its 180m credit facilities, which are ongoing.
Public sector business accounts for 87% of Mouchel's work, which includes contracts for motorway maintenance and road gritting services.
Rival VT Group offered to pay 250p a share for Mouchel a year ago, but the company rebuffed the approach.
Read more: http://www.thisismoney.co.uk/markets/article.html?in_article_id=519445&in_page_id=3#ixzz17PkANaCS
littlebert2
- 17 May 2011 14:45
- 41 of 171
Just thinking the SP is almost low enough for the board to pop up with a MBO, and there goes one of them stuffing a few in his sky on the cheap .... more to follow?
skinny
- 17 May 2011 15:01
- 42 of 171
I'm not sure what the mentality of the management is here. They seem the clear losers from the failed MCHL/IRV/COST love triangle - with IRV seemingly coming off best.
skinny
- 15 Jun 2011 07:17
- 43 of 171
15 June 2011
Mouchel Group plc
Interim Management Statement
Mouchel Group plc ("Mouchel" or the "Group"), the consulting and business services group, today provides its Interim Management Statement covering the period to 14 June 2011, ahead of its year-end trading update which is expected to be issued at the beginning of August 2011.
Performance in the year to date
Mouchel holds leading positions in the UK highways and local authority outsourcing markets. We have a focussed strategy and great client relationships, and remain confident about the Group's medium and long-term prospects. However, conditions continue to be very challenging in these markets as the majority of our clients are undergoing budget cuts and internal restructuring.
Underlying trading is in line with our expectations. In addition, during the year we have negotiated commercial conclusions to a number of contracts, including our exit from certain activities. Some of these negotiations have led to higher costs or lower profitability than originally expected, although these have been offset by a significant one-off gain on one of our long-term contracts.
In Government and Business Services, our business process outsourcing (BPO) activities are in demand, with almost every local authority pursuing service transformation strategies, rather than simply cost savings and service cuts. An increasing number of councils are looking to private sector partnership and risk sharing. Whilst our work in the local authority property sector has been scaled back considerably as a result of the reductions in school building, refurbishment and maintenance expenditure, there is greater stability in our long-term contracts and service partnerships - these contracts are also our best source of growth, as a result of service expansion or extension.
In Management Consulting, the visibility of forward workload is poor and the market for our services continues to be depressed. Our strategy of working with our local authority partnership contracts to transform services however is providing benefits and these, together with our well-established, long-term contracts with the Departments of Health, have helped to sustain performance, though below our original expectations.
In Highways, our maintenance joint ventures in England and Scotland and now in Australia are performing strongly. However, our local authority contracts and technology work with the Highways Agency (HA) have all been adversely impacted by the significant spending cuts, especially in discretionary and capital works programmes.
In Regulated Industries, our workload with the water companies continues to increase as AMP5 capital programmes progress through feasibility and design stages. Our environment teams work closely with the highways business and have therefore been scaled back in line with the reductions in that market. In the Middle East performance is stable though the Abu Dhabi market remains slow.
Order book
The overall level of bidding activity has been lower than in previous periods and our ability to secure new orders was adversely impacted by the Offer Period which ran from December 2010 to April 2011. This means, as previously reported, that the Group's win rate in the current financial year will be below our target range.
However, we have been successful in securing nearly GBP200m of new contracts and extensions in the year to date. In the second half, the most notable of these has been the National Traffic Information Service (NTIS), in joint venture with Thales UK, for the HA. This seven year contract, initially worth GBP57m, is central to the HA's role of managing traffic and making the most efficient use of the existing strategic road network.
The Group's order book at the end of May stood at GBP1.5bn, compared with GBP1.9bn at the same time last year. Whilst lower than in the past, the order book provides excellent visibility of the Group's forward workload and we are making progress in rebuilding momentum.
The five year extension to our BPO partnership with Middlesbrough Council commenced on 1 June 2011, and is worth approximately GBP70m to the Group. The extension provides for significantly improved profitability and reduced risk compared with the first ten years of the contract.
Overseas, we have now signed, in joint venture with Downer, all three of our highways maintenance contracts with Main Roads Western Australia, with work having started on two and with the third now in the mobilisation phase. We will benefit from a full year's revenue of over GBP25m from these contracts in 2011/12. In the Middle East, we have won a number of highway design and infrastructure planning contracts in Saudi Arabia.
Pipeline
Our pipeline, which includes only tenders where we have been short-listed to bid together with contract extensions, currently stands at GBP2.0bn (as it was at the end of January and at this time last year). However, and as expected, the number of opportunities in our core markets is beginning to rise, following the very soft market conditions that we experienced through the much of 2010 and the first quarter on this year, exacerbated by the Offer Period.
Following its review by the Department of Transport, we have now moved into the final stages of the Sheffield PFI highways maintenance contract tender where we are, in joint venture with Carillion, one of two remaining bidders. If successful, this contract will be worth GBP2bn to the JV over 25 years. We are also bidding for highway maintenance contracts in Scotland and have recently been short-listed for the HA's Asset Support Contract (ASC) for Area 10 in the north-west of England.
We are already positioning for the significant number of UK local authority highways tenders which will come to market next year and our successful DownerMouchel JV is pursuing additional highway maintenance contract opportunities that will arise elsewhere in Australia in 2012.
Our pipeline of BPO opportunities is increasing significantly as a number of local authorities are now coming to market for "long and large" bundled service partnerships with the private sector. Given the scale of these opportunities, we are focussing only on those where we believe that we have competitive advantage. We have half a dozen live prospects, with the same number in the early stages of procurement.
In addition, we are working with all of our existing BPO partners in order to help them transform services, increase efficiency and service quality and bring down costs. We expect our contracts in Bournemouth, Lincolnshire, Rochdale and Oldham to expand in 2011/12.
In total we are currently tracking prospects worth GBP1.6bn which lie outside of our bidding pipeline.
Costs and cash
The actions taken in the first half to reduce staff numbers and offices have proved successful, with significant reductions in our cost base. We continue to take opportunities to improve our efficiency and delivery, particularly through the creation of fewer larger centres of excellence and smaller offices offering local client services. Our new shared service centre has opened in Oldham and this is expected to bring further benefits to our operational efficiency and cost base.
Net bank borrowings at the end of May were GBP109m, compared with GBP97m at the half year. The average for the four months to the end of May was GBP109m, compared with GBP111m in the first half of the current financial year.
Under the terms of our bank refinancing, we have total facilities of GBP170m extending to 31 March 2014. We are executing our debt reduction plan which leads to a voluntary repayment of GBP30m by the end of May 2012, principally through improvements in working capital and non-core disposals.
Outlook
The short-term outlook for the Group continues to be very challenging and is heavily influenced by the steps the Coalition government is taking to rapidly bring down the deficit in public spending. Local government, which makes up more than two-thirds of our client base, has been particularly hard hit by the unexpected speed and depth of these cuts. Our response to these conditions has been to focus on those items under our control, namely our client relationships, our cash position and our cost base. We have successfully refinanced and right sized the Group, and this process continues as we bring innovation to the way we deliver services and advice to clients. We do not however anticipate a significant improvement in trading conditions in the short-term.
The fundamentals of our business and the medium to long-term opportunities for the Group remain strong. With banking facilities in place to 2014 and with our leading market positions in local government outsourcing, public sector consulting, highways and water, we are well placed to work with organisations across the UK public sector - and in selected overseas markets - to improve the quality and efficiency of public services. In an environment where all of our clients are facing the challenge of delivering higher quality services more efficiently, our skills in transforming essential services and sustaining vital infrastructure will always be in demand.
Accordingly, we remain confident in the medium and long-term prospects for the Group.
skinny
- 15 Jun 2011 07:22
- 44 of 171
Directorate Change.
Mouchel Group plc ("Mouchel" or the "Group"), the consulting and business services group, today announces that Rod Harris has been appointed to succeed David Tilston as Group Finance Director.
skinny
- 15 Jun 2011 08:08
- 45 of 171
The pain continues - Out of extended auction down 12.4%.
skinny
- 06 Oct 2011 07:16
- 46 of 171
Trading Update
Further to the pre-close trading update on 4 August 2011, Mouchel Group plc ('the Group') provides a further trading update today, ahead of the announcement of its Preliminary Results.
In the Interim Management Statement on 15 June 2011, the Group reported that it expected a significant one-off profit on one of its long-term contracts to offset lower profitability than originally expected following commercial conclusions on a number of contracts.
The Group was very recently informed that, as a result of an actuarial error, the one-off gain will be 4.3m lower than previously expected which has an immediate and corresponding impact on the profits the Group will report for the year to 31 July 2011.
In addition, as part of the year-end audit process, Rod Harris, the new Finance Director, has reviewed contract risks and project claims, taking into account the continuing challenging business environment. As a result, the Group has decided to increase provisions in respect of these contract risks and project claims by a similar amount to the reduction in the one-off gain.
The reduction in the one-off gain and the increase in provisions relate to non-recurring and non-cash items.
Richard Cuthbert, Chief Executive, has tendered his resignation with immediate effect, and he will work with the Group for a short period to ensure an orderly handover. Bo Lerenius will become executive Chairman until a new Chief Executive has been appointed. The Board will make a further announcement as appropriate.
Bo Lerenius said: "I would like to express the Board's gratitude to Rich for his many years of service and his continuing belief in and commitment to the business. The Board will focus on maintaining Mouchel's position in its core markets in the interests of all its stakeholders."
skinny
- 06 Oct 2011 08:01
- 47 of 171
Extended auction - hardly surprising.
skinny
- 06 Oct 2011 08:05
- 48 of 171
Down 43%
mitzy
- 06 Oct 2011 08:14
- 49 of 171
Ouch.
skinny
- 06 Oct 2011 08:24
- 50 of 171
Back in auction down 46%.
mitzy
- 06 Oct 2011 08:25
- 51 of 171
Hard to imagine they were 250p a year and a half ago.
skinny
- 06 Oct 2011 08:27
- 52 of 171
Have a read of my post 42.
skinny
- 06 Oct 2011 08:34
- 53 of 171
Is it a coincidence that the "expected significant one-off profit" arose about the time of the bidding war.
littlebert2
- 08 Oct 2011 13:42
- 54 of 171
2.50 !!! Don't look at the 5 year chart :-)
Would like to be smiling (gloating) at recent events, but hard to do so when I still have friends working there from the engineering companies the board and it's cronies have destroyed ...... what happened to companies that were happy to make a profit from hard work rather than BS and excuses?
mitzy
- 08 Oct 2011 15:30
- 55 of 171
I may buy around the 4p level unless they go bust before hand.
mitzy
- 12 Oct 2011 12:21
- 56 of 171
This is a joke price.
mitzy
- 12 Oct 2011 16:36
- 58 of 171
goodnight from him.
skinny
- 13 Oct 2011 07:49
- 59 of 171
mitzy
- 13 Oct 2011 09:07
- 60 of 171
Looks like the next Jarvis imo.
mitzy
- 13 Oct 2011 10:32
- 61 of 171
Continues to fall sub 10p today.
skinny
- 13 Oct 2011 16:36
- 62 of 171
Uncrossed at the days low - 10.75.
skinny
- 14 Oct 2011 09:58
- 63 of 171
In auction @12.5
dreamcatcher
- 16 Oct 2011 17:27
- 64 of 171
Mouchel chairman quits days after being named
(Reuters) - Crisis-hit British infrastructure and maintenance group Mouchel said on Sunday interim chairman David Sugden had resigned only three days after being appointed.
Mouchel, which said last week it expected to breach its loan agreements following a profit warning, did not give a reason for Sugden's departure, but said its lending banks were supportive of the board and its executive team.
Michael Lyons, senior independent director, would chair the board until a new chairman was found, it added.
"His (Sugden's) resignation follows further discussions with the board and other key parties about the best way to secure Mouchel's future," the company 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," it added.
Chief executive Richard Cuthbert quit earlier this month after Mouchel said a statistical error and mounting risks to contracts would slash about 60 percent off this year's profits.
Former Serco chief operating officer Greg Rumbles was named as his replacement a week later, and on the same day chairman Bo Lerenius said he was stepping down. (Reporting by Mark Potter; Editing by Sophie Walker
littlebert2
- 16 Oct 2011 20:13
- 65 of 171
Wouldn't be surprised to hear the board stating that there are no tanks at the gates of Baghdad ;-)
Amazing how many seemingly intelligent engineers were taken in by the BS dreamworld offered by the false smiles in grey suits from the shambolic, debt laden 'managed services' world. Buying out the opposition with debt and dismissing it's brains was never the smartest of business plans!
mitzy
- 16 Oct 2011 20:32
- 66 of 171
They are doomed.. doomed.
dreamcatcher
- 16 Oct 2011 21:50
- 67 of 171
skinny
- 17 Oct 2011 07:08
- 68 of 171
Confirmation :-
RNS Number : 2596Q
Mouchel Group plc
17 October 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITURE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
Board Change
The Board of Mouchel Group plc ("Mouchel" or "the Company") announces that David Sugden who was appointed interim Chairman of Mouchel last week has resigned from the Board over the weekend. His resignation follows further discussions with the Board and other key parties about the best way to secure the group's future.
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.
Sir Michael Lyons, Senior Independent Director, is leading the search for a new external Chairman and will Chair the Board while a new Chairman is sought.
Executive directors Grant Rumbles and Rod Harris remain focused on the steps necessary to secure the future of the company and they enjoy the full support and confidence of the Board and its lenders.
Sequestor
- 17 Oct 2011 09:57
- 69 of 171
Good riddance
mitzy
- 17 Oct 2011 12:49
- 70 of 171
Top riser in the board.
Sequestor
- 18 Oct 2011 10:14
- 71 of 171
Anyone who has been involved with contractors will know well that " writing up claims and extras" is endemic, sometimes an overzealous manager will over egg the unaudited accounts, I guess thats what happened here, such a panic over a relatively tiny amount, but one good thing is its clearing the rubbish out of the senior mangement who turned down the last huge takeover bid.
Long term hold.
mitzy
- 18 Oct 2011 14:02
- 72 of 171
Doomed I tell ye.
littlebert2
- 18 Oct 2011 18:09
- 73 of 171
sometimes an overzealous manager will over egg the unaudited accounts ...
You mean lie?
As for 'tiny amount' ..... why worry over a few m ? !!!! Just pretend it doesn't matter and hope no-one notices ...... oops, someone did .....
From my first hand dealing with them, that just about sums up their attitude ....
skinny
- 19 Oct 2011 07:10
- 74 of 171
So it begins.
RNS Number : 4229Q
Mouchel Group plc
19 October 2011
Mouchel Group plc
("Mouchel" or "the Company")
Sale of Rail business
("Mouchel Rail")
Mouchel, the infrastructure and business services group, announces that it has agreed to sell the business and assets of Mouchel Rail, the UK-based provider of multi-disciplinary design, consultancy and project management services to the rail industry, to Sinclair Knight Merz ("SKM").
SKM will pay GBP3.4 million in cash to Mouchel at completion, and Mouchel will retain net realisable assets (principally debtors and work-in-progress) of a further GBP2.5 million. SKM will assist Mouchel in the collection of Mouchel Rail's trade debtors and work-in-progress, and will receive a 5 per cent. administration fee on all work-in-progress collected. Mouchel has also committed to fund certain work in respect of future project commitments under one contract up to a maximum of GBP750,000, and Mouchel expects that this will be recoverable upon completion of that contract.
The transaction is expected to complete on 31 October 2011 and is subject to certain conditions being satisfied relating to key employees and clients.
Proceeds from the sale will be used to repay a portion of the Company's debt.
For the year ended 31 July 2010, Mouchel Rail reported a post-exceptional profit before tax of GBP0.8 million on net revenue of GBP13.6 million. At 31 January 2011, gross assets, subject to the disposal, were negligible.
Mouchel Rail is led and managed by Simon Collins, the Rail Business Unit Director, who will remain with Mouchel Rail under SKM's ownership.
Commenting on the disposal, Grant Rumbles, Chief Executive Officer of Mouchel, said:
"The sale of Mouchel Rail is a key step in our strategy to focus on Mouchel's leading positions in core markets. We wish the rail business and its employees every success for the future."
Sequestor
- 22 Oct 2011 11:00
- 75 of 171
Mouchel Energy flogged off to Mott- no mention of price, probably payed them to take it,
skinny
- 24 Oct 2011 07:14
- 76 of 171
Sale of Pipeline Design Business
Mouchel Group plc
("Mouchel" or "the Company")
Sale of Pipeline Design Business
Mouchel, the infrastructure and business services group, announces that it has completed the disposal of its pipeline design business, the UK-based provider of design and project services to the gas engineering and wider energy markets, to Mott MacDonald Limited ("Mott MacDonald").
Mott MacDonald, the privately held management, engineering and development consultancy based in Croydon, UK, paid initial consideration of approximately 2.55 million in cash for the share capital of Mouchel Energy Limited, a new company set up for the purpose of the disposal. The transaction is also subject to post-completion adjustments (relating to certain net asset and work-in-progress items), but for which additional cash consideration payable to Mouchel under such adjustments is capped in aggregate at approximately 0.85 million.
The proceeds from the sale will be used to repay a portion of the Company's debt.
For the year ended 31 July 2010, the pipeline design business reported a post-exceptional profit before tax of 0.09 million on net revenue of 4.7 million. At 31 January 2011, gross assets subject to the disposal were 2.3 million.
The pipeline design business is led and managed by Colin Brewster, who will remain with it under Mott MacDonald's ownership.
Commenting on the disposal, Grant Rumbles, Chief Executive of Mouchel, said:
"Following the recent agreement to sell Mouchel Rail, the sale of Mouchel's pipeline design business is another key step in our strategy to focus on Mouchel's leading positions in core markets. We wish the business and its employees every success for the future."
skinny
- 31 Oct 2011 15:34
- 77 of 171
RNS Number : 1743R
Mouchel Group plc
31 October 2011
Mouchel Group plc
("Mouchel" or "the Company")
Sale of Rail Business Completes
Further to the announcement on 19 October 2011 regarding the sale of the business and assets of Mouchel Rail, Mouchel is pleased to announce that the conditions to completion have now been satisfied and the transaction has completed today as expected. All other terms of the sale remain as originally announced, and there have been no significant changes or significant new matters that have arisen in relation to the transaction.
mitzy
- 22 Nov 2011 16:24
- 79 of 171
Gone soon it cant carry on much longer.
There doomed.
skinny
- 23 Nov 2011 08:42
- 80 of 171
In auction.
Odd the auction price is higher than the current trades - bid maybe ?
skinny
- 25 Nov 2011 15:19
- 81 of 171
In auction +9.8%
dreamcatcher
- 27 Nov 2011 19:09
- 82 of 171
Wednesday November 30 =
The beleaguered support services group Mouchel faces a pivotal moment this week. The company is in talks with banks about a potential breach of covenants on its 170m of bank facilities and should update on these discussions when its delayed annual results are published. Mouchel, which maintains UK roads, rebuffed takeover approaches from Costain and Interserve only to reveal in October that an actuarial error will wipe 4.3m from expected annual profits
skinny
- 29 Nov 2011 10:41
- 84 of 171
Now with a bit more volume +54.2%
mitzy
- 29 Nov 2011 10:48
- 85 of 171
wow.
skinny
- 29 Nov 2011 15:16
- 86 of 171
In auction (again) +37.5%.
Stan
- 29 Nov 2011 15:52
- 87 of 171
Blimey! anyone been trading this one here?
skinny
- 30 Nov 2011 07:50
- 88 of 171
Preliminary Results
Financial headlines
2011 2010 % change
Revenue GBP551.4m GBP632.6m - 13%
Operating cash flow before
exceptional items GBP39.3m GBP70.3m - 44%
Underlying operating profit(1) GBP15.7m GBP41.2m - 62%
Profit before tax and exceptional
items GBP5.0m GBP30.5m - 84%
Loss before tax GBP(64.8m) GBP(14.7m) - 341%
Underlying operating margins 2.9% 6.5%
Adjusted earnings per share (0.5)p 18.9p -103%
Basic loss per share (61.7)p (12.1)p - 410%
Order book GBP1,425m GBP1,824m
Exceptional items before tax GBP(69.8)m GBP(45.2)m
Net bank borrowings GBP87.7m GBP83.4m + 5%
skinny
- 30 Nov 2011 08:23
- 89 of 171
The Grand Old Duke of York...... in auction -28.6%
skinny
- 06 Dec 2011 07:49
- 90 of 171
Appointment of Chairman
Mouchel announces David Shearer as Chairman
London, 6 December 2011
The Board of Mouchel Group plc is pleased to announce the appointment of David Shearer as Chairman. He will take up his appointment on 9 January 2012 at which time Sir Michael Lyons, Interim Chairman, will step back into his role as Senior Independent Director.
David is an experienced non-executive director, board level adviser and turnaround specialist. A former senior partner and Executive Board member of Deloitte LLP, he led the successful restructuring of Crest Nicholson plc in 2008/9 as Chairman and of City Inn Limited in 2010/11 as Chief Strategic Adviser. He was also involved as a non-executive director in the turnaround and refinancing of Renold plc, STV Group plc and Superglass Holdings plc.
He is currently Deputy Chairman of Aberdeen New Dawn Investment Trust plc, Senior Independent Director of Martin Currie ( Holdings) Limited, Renold plc, STV Group plc and Superglass Holdings plc, a non-executive director of Mithras Investment Trust plc, and was, until early 2007, a non-executive director of HBOS plc.
skinny
- 07 Dec 2011 11:18
- 91 of 171
In auction -11.6%
skinny
- 08 Dec 2011 10:24
- 92 of 171
Prudential down to 7% from 8%.
skinny
- 12 Dec 2011 16:41
- 93 of 171
Extended auction - down another 9.1%
skinny
- 13 Dec 2011 12:07
- 94 of 171
Isn't this fun - currently up 17.3%
Stan
- 13 Dec 2011 12:14
- 95 of 171
Not if you bought 'em at the price I did it ain't .. have some respect please? -):
skinny
- 13 Dec 2011 12:23
- 96 of 171
Stan - you are talking to someone that owned JRVS!
Stan
- 13 Dec 2011 12:28
- 97 of 171
Thank you for your kind understanding Skinny.. And commiseration's at your sad loss as well -):
littlebert2
- 14 Dec 2011 16:50
- 98 of 171
Wonder how many directors will be taking up the thousands of 19p options they voted for themselves when the SP was 300p+ and employees were being asked to stump up near market price for their 'sharesave' issue? (Strangely, all bar a few employeees told them where to stick them :-) )
Any guesses for the cut-off before a winding up order? 4p? 5p?
halifax
- 14 Dec 2011 17:21
- 99 of 171
Doomed ?
dreamcatcher
- 14 Dec 2011 17:48
- 100 of 171
mitzy
- 14 Dec 2011 18:10
- 101 of 171
4p is my target.
skinny
- 14 Dec 2011 19:07
- 102 of 171
The daily price movements would put the proverbial whore's drawers to shame!
skinny
- 19 Dec 2011 07:59
- 103 of 171
mitzy
- 21 Dec 2011 20:15
- 104 of 171
Could fall sub 5p tomorrow
mitzy
- 22 Dec 2011 12:31
- 105 of 171
Pity the poor shaeholders left with nothingdo not buy this one.
skinny
- 04 Jan 2012 17:20
- 106 of 171
skinny
- 17 Jan 2012 12:28
- 108 of 171
In auction +27.2%
skinny
- 17 Jan 2012 12:48
- 109 of 171
And again +44.7%
gibby
- 17 Jan 2012 12:49
- 110 of 171
lol gl
skinny
- 17 Jan 2012 13:01
- 111 of 171
And again +57.3%
dreamcatcher
- 17 Jan 2012 13:07
- 112 of 171
Well done
skinny
- 17 Jan 2012 13:11
- 113 of 171
Just sold @8.33 for +2.88p
mitzy
- 17 Jan 2012 13:15
- 114 of 171
Incredible up 50%.
skinny
- 17 Jan 2012 13:18
- 115 of 171
I can't believe there hasn't been an RNS - this is happening too often of late - RWD and ISG on Friday, being classic cases.
skinny
- 17 Jan 2012 14:15
- 116 of 171
Schroders from 13% to 12%
gibby
- 17 Jan 2012 14:43
- 117 of 171
yep well done skinny nice one
skinny
- 17 Jan 2012 15:31
- 118 of 171
Cheers chaps - I hope its doesn't do a RWD on me and open 60 points up tomorrow!
skinny
- 18 Jan 2012 08:07
- 119 of 171
Déjà vu - back in auction!
skinny
- 18 Jan 2012 08:13
- 120 of 171
And again +17.2%
gibby
- 18 Jan 2012 08:48
- 121 of 171
i thought it was too high to get in this morning lol - got that wrong!!
never mind must be those rumours of costain about to make another t/o bid doing the rounds - amazing that not long ago mchl rejected a 150+ bid from costain!!! more likely to be a rights issue than a t/o perhaps???
but well done skinny looks to be onwards and upwards for you :-0
dreamcatcher
- 18 Jan 2012 21:55
- 122 of 171
MARKET REPORT: Punters move in on outsourcing group MouchelBy Geoff Foster
Last updated at 12:05 AM on 18th January 2012
Comments (0) Share
Penny share punters were among the throng of buyers getting stuck into bombed out Mouchel. Shares of the outsourcing group, which crashed more than 90 per cent last year, touched 9p before closing 3.35p or 65 per cent better at 8.5p on a combination of recovery and takeover hopes.
In a support services sector which had seen Connaught, Rok and Southern Cross go bust, Mouchel almost became a basket case after plummeting in October following a shock profits warning. The company revealed a black hole or ‘actuarial error’ would wipe out £4.3m of expected profits. It forced chief executive Richard Cuthbert to step down.
Major shareholders, including Andy Brough’s Schroders (15.8 per cent), were livid because earlier in the year the board had rejected a 152p cash and shares offer from construction group Costain, 1.5p cheaper at 200.25p, saying it ‘significantly undervalued’ the business. What a joke!
In November newly-appointed chief executive Grant Rumbles had to announce pre-tax losses of £64.8m in the year to end July 2011 and also warned that expectations for 2012 had been significantly reduced. Nevertheless, it was still able to agree a £180m debt deal with banks that prevented it from breaking covenants.
Rumours yesterday did the rounds that Costain could return with an ‘attractive’ offer for the company which is now valued at a basement price of £9.5m. One fund manager didn’t buy the bid story and said sarcastically that the jump was just an attempt to massage the price higher ahead of a much-needed rights issue.
Read more: http://www.thisismoney.co.uk/money/markets/article-2087920/MARKET-REPORT-Punters-outsourcing-group-Mouchel.html#ixzz1jqiNIlsP
gibby
- 18 Jan 2012 22:24
- 123 of 171
indeed - lets hope mchl have no more ‘actuarial errors’ :-((
riviera1069
- 19 Jan 2012 11:13
- 124 of 171
Humhhh!!
skinny
- 19 Jan 2012 16:22
- 125 of 171
Henderson Global Investors > 5%
littlebert2
- 20 Jan 2012 07:02
- 126 of 171
much needed rights issue ! lol .... I'm daft, but not that daft ...
skinny
- 20 Jan 2012 15:35
- 127 of 171
skinny
- 25 Jan 2012 14:21
- 128 of 171
Schroders reduce 12 - 11%
skinny
- 16 Feb 2012 13:37
- 130 of 171
Starting to build some momentum +15%
splat
- 16 Feb 2012 13:57
- 131 of 171
..and now +20%..glad I jumped in yesterday!
skinny
- 16 Feb 2012 14:06
- 132 of 171
In auction with 4% of shares traded today.
skinny
- 16 Feb 2012 16:36
- 133 of 171
Closed at the high of the day 14.5 +31.8%
skinny
- 17 Feb 2012 08:08
- 134 of 171
In auction +10.3%
devon
- 17 Feb 2012 10:53
- 135 of 171
skinny
thanks for your reply
skinny
- 17 Feb 2012 11:18
- 136 of 171
Devon - I hope it was of some help.
Today was "double witching" day - this occurred @10:10 am. You may find
this thread interesting, although it tends to be a bit of a damp squib these days.
skinny
- 19 Feb 2012 09:45
- 137 of 171
I lifted this link from over the road.
Pothole misery to end at last.
skinny
- 01 Mar 2012 15:56
- 138 of 171
In auction +13.21%
Appointment of Financial Adviser and Corporate Broker
Mouchel Group plc is pleased to announce that it has appointed Goldman Sachs International as its financial advisor and corporate broker with immediate effect.
ahoj
- 01 Mar 2012 16:08
- 139 of 171
Skinny,
You are great in predicting stocks.
skinny
- 01 Mar 2012 16:11
- 140 of 171
Ahoj - I wish I was - I wouldn't be here :-)
Sequestor
- 17 Mar 2012 09:21
- 142 of 171
Looks good for recovery-if the world economy does the same.
splat
- 19 Mar 2012 08:24
- 143 of 171
stopped out earlier @ 14.75p. Now down 20% and in auction again!
splat
- 21 Mar 2012 09:31
- 144 of 171
in the poo again and back in auction...
skinny
- 21 Mar 2012 09:33
- 145 of 171
Yes its not looking great!
skinny
- 29 Mar 2012 07:10
- 146 of 171
littlebert2
- 29 Mar 2012 09:17
- 147 of 171
What was that we could see last months from a mile off? Oh yes, that's it - 'dilutive equity raise' ....
:-)
zephod
- 03 Apr 2012 11:27
- 148 of 171
i'm long here now @7.55 - think the sell off's been overdone
littlebert2
- 03 Apr 2012 12:06
- 149 of 171
We are evaluating all options for restructuring our balance sheet. These options include a significantly dilutive equity raise.
I really do hope you come out of this smiling but what part of that statement encouraged you to 'go long' ? ... Any dilution will almost certainly be at a discount to market price otherwise no-one would buy into it.....
skinny
- 29 May 2012 07:23
- 150 of 171
For Immediate Release
29 May 2012
Mouchel appoints Managing Director
for Mouchel Business Services division
Mouchel, the infrastructure and business services Group, has appointed Craig Apsey as Managing Director of its Business Services division effective 11 June, 2012.
Craig joins Mouchel from BT's Local, Regional and Devolved Government business where he held the posts of Chief Operating Officer and then Director of Major Deals. At BT he was responsible for the safe delivery of bespoke programmes to BT's business process outsourcing customers, the development of the associated knowledge and skills base, and the creation of new value-added services. Prior to this Craig spent nearly ten years working for the civil service in a number of posts at the Department of Social Security (now Department of Work and Pensions). During his time there Craig was responsible for Solutions Architecture and the rollout of a new network and equipment to the Contributions Agency.
In his new role Craig will initially build on the excellent work started by Interim Managing Director, Michael Gates, consolidating Mouchel's property and consultancy businesses, identifying and delivering best practice, developing the delivery model and implementing the transformation that Mouchel's clients require and expect.
Grant Rumbles, Chief Executive of Mouchel, said, "We are delighted to have Craig on board. With nearly three decades of experience working with local government organisations and as a civil servant in ICT, he is an ideal choice for this position. His recent senior roles with BT give him the knowledge and experience to play a vital part in Mouchel's transformation and future business success."
skinny
- 11 Jun 2012 07:37
- 151 of 171
Interim Management Statement.
Implementation of strategic review actions on track, capital structure review progressing
Mouchel Group plc ("Mouchel"), the infrastructure and business services Group, today issues its Interim Management Statement for the period from 1 February 2012 to 11 June 2012.
Summary:
· Implementation of strategic review actions continues:
o Reorganisation of business with two clear divisions in place
o Craig Apsey appointed Managing Director of Mouchel Business Services
o Previously announced overhead cost reduction programme on track; at least £3 million of additional overhead cost savings identified, increasing target from £18m to £21m
o Costs reduced in Middle East business, now operating on a break-even basis; one-off cost of £2m
· Review of options to provide Mouchel with a long term sustainable capital structure is progressing with a balance sheet restructuring due to be announced prior to the year end on 31 July 2012
· All the options being considered will result in there being only limited value for existing shareholders
· Underlying business continues to perform well despite the on-going uncertainty around the balance sheet; £165m of contracts secured in financial year to date. Order book is stable at just over £1.1billion and forward orders for 2013 now total over £325m
· Costs related to on-going operational restructuring and anticipated financial restructuring will impact the current year financial performance
Grant Rumbles, CEO of Mouchel said:
"We have continued to work with our clients, employees and key stakeholders to implement our strategic actions and are encouraged by the good progress made since the interim results. Although the environment remains challenging, the actions we are taking will create a platform for long term growth for Mouchel. The final piece to setting this platform for securing the long term future of the business is to complete the restructure of the balance sheet and we remain on track to announce this by our financial year end on 31 July 2012.
littlebert2
- 11 Jun 2012 09:31
- 152 of 171
All the options being considered will result in there being only limited value for existing shareholders
So, they finally made the old company worthless .... well done - only took 7 years of replacing experienced management with layer upon layer of gullible 'Yes' men better suited to double glazing sales than engineering, but they got there !
125 yrs down the pan, and it's time to start again but with a tattered reputation!
skinny
- 11 Jun 2012 09:33
- 153 of 171
Yes its a total shambles - unfortunately, not the rare these days.
littlebert2
- 11 Jun 2012 11:00
- 154 of 171
A British company and a Japanese company decided to have a competitive boat race on the Thames.
Both teams practiced hard and long to reach their peak performance. On the big day, they were as ready as they could be. Both teams performed admirably but the Japanese team won.
Afterwards, the British team congratulated the Japanese on a job well done, but the corporate management decided that the reason for the defeat had to be found. A Continuous Measurable Improvement Team of "Executives" was set up to investigate the problem and to recommend appropriate corrective action.
The British Corporate Steering Committee immediately hired a consulting firm to do a study on the management structure within the crew. After some time and £millions in fees, the consulting firm concluded that "too many people were rowing without effective steering". To prevent losing to the Japanese again next year, the management structure was changed to "4 Steering Managers, 3 Area Steering Managers, and 1 Staff Steering Manager" and a new performance system was implemented for the 1 person left rowing the boat to give them more incentive to work harder and help them to reach their full potential. "We must give him empowerment and enrichment. That ought to do it.”
The next year the Japanese team won by two miles. The British Corporation laid off the rower for poor performance, sold all of the paddles, cancelled all capital investments for new equipment, halted development of a new canoe, awarded high performance awards to the consulting firm, and distributed the money saved as bonuses to the senior executives.
Posted in jest but very very sadly a fair reflection of what happened post merger at Mouchel!
skinny
- 01 Aug 2012 07:12
- 155 of 171
littlebert2
- 01 Aug 2012 19:46
- 156 of 171
My apologies:
The policy of expansion through increased debt and replacing experienced staff with 'yes men' didn't make the company worthless ..... it made it worth 1p/share ..... but that's not taking into account the £60m millstone still remaining on the books!
Not really 'hindsight' when it was dismissed as '"impossible" by arrogant board members 6 years ago!
skinny
- 25 Aug 2012 10:37
- 157 of 171
mitzy
- 25 Aug 2012 11:13
- 158 of 171
Knowing me knowing you.
optomistic
- 25 Aug 2012 16:57
- 159 of 171
so it just carries on as normal....except for the shareholders.
I find it hard to believe that I wasn't in this one...having previously been known to get caught in one of these fiascoes!
-------------------------------------------
* Restructuring protects 8,000 jobs, subsidiaries unaffected
* Shareholders had rejected debt for equity swap
* Lender banks RBS, Lloyds and Barclays take over business
LONDON, Aug 25 (Reuters) - The assets of British public services contractor Mouchel have been sold to a new firm owned by its lender banks and its management, after shareholders rejected an alternative restructuring plan, its administrator said on Saturday.
The deal to sell the business to a newly incorporated company, MRBL Limited, means that all of Mouchel's subsidiaries will continue to trade as usual, administrator KPMG said.
Mouchel helps build and maintain Britain's motorways, roads and schools but struggled to recover from a 2011 dominated by contract blunders, management resignations, failed takeover bids and tough trading.
Shareholders on Friday rejected a plan that would have seen its lenders swap 87 million pounds ($138 million) of existing debt for a majority stake in the company.
Instead the company was put into administration and immediately sold to MRBL, whose owners include lenders RBS , Barclays and Lloyds Banking Group.
Under the original restructuring proposal shareholders would have been given a special dividend of 1 pence per share, but will now receive nothing.
Mouchel Chief Executive Grant Rumbles said the restructuring would ensure the business's future and secure more than 8,000 jobs.
"With a stable and supportive ownership structure and a balance sheet that is fit for purpose, Mouchel will be in a strong position to rebuild the business and start winning large contracts again," Rumbles said.
The company's shares had fallen from highs of around 485 pence in 2008 to 0.95 pence on Friday before trading was suspended.
skinny
- 26 Aug 2012 11:02
- 160 of 171
My second disaster in this sector, following Jarvis a couple of years ago - hey ho!
optomistic
- 26 Aug 2012 11:58
- 161 of 171
shinny........... got away with this one but not so lucky with Jarvis and Cattles :-(
optomistic
- 30 Aug 2012 13:37
- 162 of 171
Next one on the list...JJB
Hope you haven't got these skinny!
skinny
- 30 Aug 2012 13:41
- 163 of 171
Amazingly - no!
optomistic
- 30 Aug 2012 13:48
- 164 of 171
Luckily me neither skinny, but there are a lot of poor sods who will get cleaned out here then the company will be bought out of administraton and continue trading...it is happening too many times!
skinny
- 30 Aug 2012 13:59
- 165 of 171
I don't know about JJB, but the MCHL situation certainly stinks.
The 1st time it happened to me was with coloroll in @1990. From memory the company covered @10 brands including Denby and Kosset carpets. Of these 8 or 9 still trade today.
skinny
- 30 Aug 2012 14:06
- 166 of 171
A quick google came up with this -
Rolling over the past
optomistic
- 30 Aug 2012 14:20
- 167 of 171
Micheal Ashcroft...one of his companies cost me a few quid, not a total but it may be now (I've even forgotten the name..blanked out by my mind! LOL)
skinny
- 30 Aug 2012 14:46
- 168 of 171
Stan
- 30 Aug 2012 14:48
- 169 of 171
Opo, Do you know if he is related to this Ashcroft
http://www.martinfrost.ws/htmlfiles/dec2007/ashcroft_donor.html by any chance?
optomistic
- 30 Aug 2012 15:01
- 170 of 171
Stan, corrected my post 167, not John but Micheal Ashcroft. He had a company called Carlyle, I think it was registered in Belize..didn't do me a lot of good!
Seems both the Ashcrofts have had a very busy life.
Stan
- 30 Aug 2012 15:09
- 171 of 171
Baron Michael Ashcroft, to give him his full name... Say no more.