|Public (LSE: MTO)|
Roger Matthews, Chairman |
Ruby McGregor-Smith, CEO
|Revenue||£2,266.2 million (2015)|
|£128.6 million (2015)|
|£35.7 million (2015)|
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.
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. 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, and DW Tilley. The purchase of DW Tilley allowed Mitie to extend their roofing services nationwide. 2009 saw the acquisition of Dalkia Facilities Management for £130m to bolster its Technical Facilities Management capability and an expansion into Social Housing with the purchase of Environmental Property Services (EPS) for £38.5m. In 2010, Mitie acquired the integrated facilities management business of Dalkia in Ireland.
Mitie made its first acquisition in the health and social care sector in October 2012 when it spent £111 million on homecare firm Enara. In April 2013 Mitie's chief executive, Ruby McGregor-Smith, was made non-executive director to the board of the Department for Culture, Media and Sport (DCMS). In February 2014, Mitie introduced its new visual identity.
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.
In February 2014 Mitie announced an 8-year contract with the Home office making it the largest provider of Immigration removal centres in the UK. In March 2016 Mitie came under fire for its management of the Immigration centre after the prison inspectorate said the facilities were “dirty”, “rundown” and “insanitary”.
The firm secured a cleaning contract with Royal Cornwall Hospitals NHS Trust in 2014 worth £90m over seven years. Sick pay cost £1.2m in its first eight months compared with £280,000 for the NHS in the previous financial year. UNISON blamed the rise on staff stress which it claimed had been caused by mistakes on pay.
Mitie cleaners at the Royal Opera House, the Houses of Parliament, the law firm Clifford Chance, First Great Western train services, and NHS hospitals have all held demonstrations against low pay between 2013 and 2015.
In 2016 shares in Mitie fell to a four-year low after the company warned that an expected boom in outsourced services wasn’t happening. In 2015 and 2016 it was reported that Mitie was one of the most shorted stocks in the FTSE 250.
- "Annual Report 2015" (PDF). Mitie. Retrieved 10 April 2016.
- MITIE: History
- David Telling: The High and MITIE The Independent, 21 March 2001
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- Dominic Gover. "Migrant Cleaners Protest Against Conditions at Top Law Firm Clifford Chance". International Business Times UK. Retrieved 9 April 2016.
- "Morning Star :: Mitie cleaners occupy First Great Western HQ - The Peoples Daily". Retrieved 9 April 2016.
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- "'Prickly peer' Baroness McGregor-Smith smoothes over Mitie's problems". The Times. Retrieved 9 April 2016.