PROFESSIONAL services group Mouchel is in exclusive talks with a potential bidder – but not the builder, Costain, which has led a high-profile campaign to buy the company over the past three months.

The firm, which has several offices on Merseyside and is in the process of closing its Cunard Buildings operation this summer, has previously resisted approaches, insisting its future lay as an independent organisation.

Mouchel recently successfully completed new banking facilities and said the board considered the group had a strong future in its own right.

But yesterday it said it had selected one of a number of approaches from potential purchasers and is in “advanced discussions” in relation to a potential offer being made for the company.

Yesterday’s statement said the company believed a combination of Mouchel and the preferred possible offeror would provide the best option to deliver value to shareholders.

Costain’s board later announced that it was not the party in advanced discussions with Mouchel, despite meeting with its board on February 17 with a revised proposal to make a recommended share and cash offer for its entire share base.

It added: “Costain is fully committed to delivering its ‘Choosing Costain’ strategy and is progressing a number of options.”

Although Costain was lead suitor for Mouchel, the likes of Balfour Beatty, Capita and Carillion had also been linked with a possible bid.