Mouchel is such a secure niche fixture of British industry that only a financial hurricane, zero spending on roads or grossly incapable management should be able to bring it down. But bankrupt it was, mostly due to the same greedy, culpably foolhardy and away-with-the-fairies debt-fuelled acquisitions that destroyed the foolish banks, leaving it £170m in debt. Having run the company into the ground, you won't be surprised to hear that the management (including the splendidly named CE Grant Rumbles, who earned a £400k bonus for incompetence) and a consortium of RBS, Barclays and Lloyds, have ..er, taken control of the company, leaving its shareholders with nothing, de-listed it and will now run it for private profit. They made sure their chums in the Big Five got their snouts in the trough, too; fee costs for restructuring 'advice' come to £18m, and in a Buggins-turn sort of way it's KPMG's go at being administrators, earning them a strawberry on top. The incompetent managers get 20% of the new company, the banks get 80% and the former shareholders get flipped the finger.