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Mitie withdraws sale of Property Management business

Mitie Group has announced it has taken the decision to withdraw the sale of its Property Management business.

The Bristol-based facilities management company initially announced its intention to sell the business as part of the wider strategic review of the Group’s operations back in September, and that it had instructed Evercore Partners International LLP to explore a potential sale of the business, having received expressions of interest from third parties.

In a statement issued by the Group it said the Mitie Board had considered all indicative offers “received for the business, and concluded that “none were at a sufficient level with which to proceed”.

Adding that 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”.

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

 

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