MITIE Group PLC - Sale of Catering to new strategic partner CH&CO
LEI number: 213800MTCLTKEHWZMJ03
This announcement contains inside information
Mitie sells Catering business and enters into strategic partnership with CH&CO
The decision to sell
As a Royal Warrant holder for the provision of catering services to Her Majesty The Queen and other prestigious clients, CH&CO possesses the expertise and scale to enhance the range of catering services that Mitie provides. The staff and senior management team of
This disposal continues Mitie's strategy of focusing and simplifying the Group's operations. The proceeds of the sale will be used to further strengthen Mitie's balance sheet and reinvest in Mitie's core business.
"Mitie's strategy is to invest in our core technology-led facilities management services - such as Security, Cleaning and Engineering Services - where we have a leading market position. Gather & Gather is a niche player in the
"The Gather & Gather management team will continue to lead the business and we look forward to working with them on delivering their unique offering to our existing clients and on future IFM opportunities."
"This acquisition is a key part of our growth strategy and represents a great opportunity for Mitie, Gather & Gather and CH&CO. We are very excited about the future growth potential for our business in our strategic partnership with Mitie - we bring scale and catering expertise; Mitie brings an extensive client list and innovation, and we both share a reputation for great customer service. The sharing of best practice will drive an even better service for our clients, and the enlarged CH&CO group creates unparalleled opportunities for growth."
The transaction will be structured as a sale of the entire issued share capital of
The Consideration comprises an initial consideration of
For the financial year ended
CH&CO will report annual revenues of nearly
The sale of
- Ends -
For further information, contact:
Head of Media Relations
M: +44 (0)790 027 6400
| || || |
Head of Investor Relations
M: +44 (0)738 443 9112
| || || |
General Counsel and Company Secretary
| || || |
1. Numbers are based on the aggregation of audited and unaudited statutory accounts as well as management information in respect of the selected assets and undertakings to be transferred as part of
Under Mitie's ownership
Founded in 1987, Mitie is the
Mitie employs 52,500 people across the country, looking after a large, diverse, blue-chip customer base, from banks and retailers, to hospitals, schools and government offices. It takes care of its customers' people and buildings, by delivering the basics brilliantly and by deploying advanced technology. It is pioneering the Connected Workspace, using smart analytics to provide valuable insight and deliver efficiencies to create outstanding work environments for customers.
CH&CO creates uplifting catering and hospitality experiences across many locations, including workplaces, destinations, venues, events, education, livery and healthcare.
Food has the power to make people feel good, and that goes beyond what's on the plate. Great food experiences lift the spirit, bring people together and fuel emotional positivity and physical wellbeing. This is CH&CO's motivation across its areas of expertise, which includes event catering, workplace cafés and restaurants, corporate fine dining and hospitality, visitor attraction catering, pupil and staff feeding at state and independent schools, university cafés and restaurants, hospital staff and visitor restaurants, hospices, Livery Hall catering, venue sales, event management and production, and reception and concierge services. Its chefs and nutritionists challenge themselves to push the boundaries, and investment in people and technology ensures every experience delivered is simple, smart and stirring.
CH&CO employs nearly 6,500 people at more than 780 locations across the
CH&CO holds a Royal Warrant for the provision of catering services to HM The Queen.
This information is provided by RNS, the news service of the
Quick facts: MITIE Group PLC
Market Cap: £307.39 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE