Troubled support services firm Mouchel has agreed a debt-for equity restructure with its principal lenders after last-ditch talks, it has emerged today.

Chief executive, Grant Rumbles - who was advised by Goldman Sachs – has struck a deal under which a consortium of banks – comprising the Royal Bank of Scotland, Lloyds and Barclays - will release £87m of Mouchel's debt for a majority stake in the company.