Eight thousand jobs have been secured after KPMG sold the assets of infrastructure and business services firm, Mouchel Group plc, through a 'pre-pack' deal to newly incorporated company, MRBL Limited.

The sale of the civil engineering firm - whose services covered rail, highways and water projects - was overseen by KPMG joint administrators, Richard Heis, Ed Boyle and Jane Moriarty.

The new company will be owned by affiliates of Mouchel Group's lenders - RBS, Lloyds Banking Group and Barclays - and Mouchel Group's management team.

The deal means that all of Mouchel Group's trading subsidiaries will continue to trade with no interruption to their businesses. No other company in the group will enter administration and suppliers, customers and employees are not expected to be materially affected. With the exception of the lenders, Mouchel Group plc has no known creditors.

Richard Heis, joint administrator and partner at KPMG, said: 'A fall in profitability meant that the business could no longer service its debt facilities. Restructuring the balance sheet in order to reduce the debt and secure ongoing funding was essential to secure the future of the business.

'Following the rejection by shareholders of the company's proposed restructuring plan, the sale via "pre pack" was required to provide the business with as much stability as possible by quickly securing a new owner and finance for the business. It has ensured continuity for the business' subsidiaries, their suppliers, customers and 8,000 employees, whilst enabling the business to restructure, putting it on a stable footing for the future.'

At the company's recent general meeting, shareholders rejected the proposed restructuring plan, leading to the directors applying to the court for an administration order.