Construction News

05/12/2017

Mitie Abandons Plans To Sell Property Management Business

Mitie Group has scrapped plans to sell off its Property Management business.

The company said after considering all indicative offers received, it concluded that "none were at a sufficient level with which to proceed".

"The decision to retain Mitie Property Management provides clarity of ownership and reflects the Board's view that there is greater shareholder and strategic value in keeping the business," Mitie said.

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"The Property Management team can now fully focus on continuing to deliver for its customers and on its own operational and financial performance."

The outsourcing firm is currently in the midst of its Group-wide 'Project Helix' programme to reduce costs by £40 million by 2020.

(LM)

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