Time is short for infrastructure company Mouchel

The future of infrastructure company Mouchel, which employs 8,000 people, was hanging in the balance last night as a deadline loomed for details of its make-or-break restructuring.

The Surrey-based firm, which maintains much of the UK’s road network, is struggling under a £100 million debt mountain.

Chief executive Grant Rumbles, who was appointed in October, previously said a balance sheet restructuring was due to be unveiled by the end of July, but no announcement was made before markets closed last night.

It is understood that Mouchel, which has offices in Glasgow and Perth, is locked in last-ditch talks with lenders Barclays, Lloyds and Royal Bank of Scotland.

Last year, the firm turned down two takeover offers that valued it at more than £150m. Its market value is now £2.5m.