Project manager Mouchel has closed two offices in London as part of its cost-saving efforts

The firm said it had shut its Euston and Holborn offices to cut costs. The Holborn office was taken on through its acquisition of Hornagold & Hills, thought to have 40 staff, in 2006. The firm said that there were no redundancies related to the offices closures.

At its peak last year Mouchel had more than 100 separate offices in the UK. The project manager issued a profit warning in the summer and posted a £13.5m loss after being hit by £15m of unpaid fees in the Middle East.