MITIE Group PLC
12 June 2002
Disposal
MITIE Group PLC ('MITIE') announces the sale on 11 June 2002 of the issued
share capital held by it in the following subsidiary companies:
MITIE Access (Scotland) Limited
MITIE Access (North East) Limited
MITIE Access (Northern) Limited
MITIE Access Limited
MITIE Access (Southern) Limited (together 'the Companies')
to a management buy-out team led by Michael Bowkett (the current managing
director of each of the Companies) through a purchasing company called Bow
Scaffolding Group Limited. The funding has been provided by the management
team and Bank of Scotland Corporate Banking.
The Companies specialise in the supply and erection of scaffolding and
ancillary equipment throughout the UK.
The consideration for the Companies was £4,984,000 and was paid in cash. With
this and the settlement of other inter company balances by the Purchaser,
MITIE has received total cash of £7,373,011 as a result of the transaction and
the Purchaser has assumed responsibility for bank indebtedness of £6,061,200.
As a result of this transaction MITIE's cash position has increased by
£13,434,211.
The sale of the Companies will have no material adverse effect on the overall
financial results of MITIE Group PLC.
Ian Stewart, Chief Executive of MITIE commented 'These disposals are in line
with our policy of concentrating on our core business which is the provision
of services to building owners and occupiers. Bow Scaffolding Group Limited
will continue to be a valued supplier to MITIE and we wish it well in its
independence.'
For further information please contact:
Ian Stewart: Chief Executive, MITIE Group PLC - 07979 701002
Paul Kilduff: Finance Director, MITIE Group PLC - 07979 701014
John Urquhart: Corporate Affairs, MITIE Group PLC - 07979 701006
Head Office: MITIE Group PLC - 01934 862006.
12 June 2002
This information is provided by RNS
The company news service from the London Stock Exchange
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