Mitie

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Mitie Group PLC
Type 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]
Operating income £127.5 million (2014)[1]
Net income £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. Mitie operates mainly in the UK and Ireland with a growing presence in Europe.[2] 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.[3] It was first listed on the London Stock Exchange in 1988.[3] It merged with Highgate & Job in 1989 and was renamed the Mitie Group.[4]

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.[5] 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,[6] and DW Tilley. The purchase of DW Tilley allowed Mitie to extend their roofing services nation-wide.[7] 2009 saw the acquisition of Dalkia Facilities Management for £130m[8] to bolster its Technical Facilities Management capability and an expansion into Social Housing with the purchase of Environmental Property Services (EPS) for £38.5m.[9] In 2010, Mitie acquired the integrated facilities management business of Dalkia in Ireland.[10]

Mitie made its first acquisition in the health and social care sector in October 2012 when it spent £111 million on homecare firm Enara.[11] In February 2014, Mitie introduced its new visual identity.[12]

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.[13]

Mitie is now split into the following businesses: Facilities Management, Property Management, Energy solutions and Healthcare.[14]

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.[15]

References[edit]

External links[edit]