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Mouchel has speeded up the refinancing of its bank debt, in an attempt to remove a potential barrier to other bidders declaring their interest in the firm.

A statement released by Mouchel directors in response to today鈥檚 increased offer from Costain said: 鈥淥n 6 December 2010, we announced that the refinancing of our banking facilities was proceeding to plan and that we expected to agree new medium term facilities by the time of our half year results announcement in March 2011.

鈥淲e have made significant progress since then and we expect to finalise the new facilities shortly. The group鈥檚 key relationship banks, Barclays, Lloyds Banking Group and RBS, remain supportive.鈥�

Refinancing of the firm鈥檚 debt would potentially make the firm more attractive to potential suitors. Mouchel revealed on 6 December that it had attracted interest from a number of potential bidders, but these have failed to lead to any offer being made. The firm said it is 鈥渁ctively reviewing these and other options鈥�.

Costain鈥檚 offer remains the only one on the table.