Mitie

From Wikipedia, the free encyclopedia
  (Redirected from MITIE Group)
Jump to: navigation, search
Mitie Group PLC
Public (LSEMTO)
Industry Facilities Management
Founded 1987
Headquarters Bristol, UK
Key people
Roger Matthews, Chairman
Ruby McGregor-Smith, CEO
Revenue £2,142.6 million (2014)[1]
£127.5 million (2014)[1]
£48.5 million (2014)[1]
Website www.mitie.com/

Mitie Group PLC is a British strategic outsourcing and energy services company. It provides infrastructure consultancy, facilities management, property management, energy and healthcare services. It has a head office in Bristol and more than 200 smaller offices throughout the UK and Ireland. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History[edit]

Mitie was founded by David Telling and Ian Stewart as MESL in 1987.[2] It was first listed on the London Stock Exchange in 1988.[2] It merged with Highgate & Job in 1989 and was renamed the Mitie Group.[3]

Their strategy of growth through acquisition has seen Mitie acquire several businesses over the past few years and in 2006 it acquired Initial Security, a leading security business.[4] Following on in 2007 Mitie acquired Robert Prettie & Co. Ltd for £32.7m and incorporated the specialist plumbing, heating and mechanical services business into their Property Services division. In 2008 Mitie continued its acquisitions strategy through the acquisition of Catering Partnership,[5] and DW Tilley. The purchase of DW Tilley allowed Mitie to extend their roofing services nation-wide.[6] 2009 saw the acquisition of Dalkia Facilities Management for £130m[7] to bolster its Technical Facilities Management capability and an expansion into Social Housing with the purchase of Environmental Property Services (EPS) for £38.5m.[8] In 2010, Mitie acquired the integrated facilities management business of Dalkia in Ireland.[9]

Mitie made its first acquisition in the health and social care sector in October 2012 when it spent £111 million on homecare firm Enara.[10] In February 2014, Mitie introduced its new visual identity.[11]

Operations[edit]

Mitie stands for Management Incentive Through Investment Equity. Mitie's business model was originally about taking 51% equity stakes in start-up businesses that fell into its broad fields of activity. The management of the new business typically invested the remaining capital and if certain targets were met they were able to sell the balance of the business to Mitie after a fixed period for a sum based on the profits achieved (an earn out). Payment was made in a mixture of cash and Mitie shares. The managers usually remained with Mitie after the earn out.[12]

Mitie is now split into: Facilities Management, Property Management, Energy solutions and Healthcare.[13]

The firm admitted in November 2014 that its homecare business was less profitable than expected and that it was struggling to recruit and retain sufficient numbers of care workers.[14]

References[edit]

  1. ^ a b c "Annual Report 2014" (PDF). Mitie. Retrieved 31 March 2015. 
  2. ^ a b MITIE: History
  3. ^ David Telling: The High and MITIE The Independent, 21 March 2001
  4. ^ "UK Business Park - B2B Sales Leads & Company News". ukbusinesspark.co.uk. Retrieved 31 March 2015. 
  5. ^ "Mitie confident despite softer economy". cnplus.co.uk. Retrieved 31 March 2015. 
  6. ^ journallive Administrator (2 July 2008). "Small/mid-size Company Deal of the Year". journallive. Retrieved 31 March 2015. 
  7. ^ "MITIE to buy UK arm of Dalkia for £130 mln, to raise £40 mln via placing". Proactiveinvestors UK. Retrieved 31 March 2015. 
  8. ^ "Mitie buys Environmental Property Services for £38.5m". Building. Retrieved 31 March 2015. 
  9. ^ "Mitie acquires Irish FM businesses from Dalkia". fm-world.co.uk. Retrieved 31 March 2015. 
  10. ^ Neil Maidment (9 October 2012). "Mitie moves into home care with Enara buy". Reuters. Retrieved 31 March 2015. 
  11. ^ "Mitie unveils a new brand logo". fm-world.co.uk. Retrieved 31 March 2015. 
  12. ^ "Mighty job ahead for new boss at MITIE". timesonline.co.uk. Retrieved 31 March 2015. 
  13. ^ "At A Glance - Mitie". mitie.com. Retrieved 31 March 2015. 
  14. ^ "NHS trust financing woes expected to boost private sector openings". Financial Times. 24 November 2014. Retrieved 25 November 2014. 

External links[edit]