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British outsourcer Mitie takes property management unit off the market
December 5, 2017 / 10:58 AM / 12 days ago

British outsourcer Mitie takes property management unit off the market

(Reuters) - British outsourcing company Mitie Group said it would not sell its property management unit, as it saw “greater shareholder and strategic value in keeping the business”.

“Mitie’s Board considered all indicative offers received for this profitable business, and concluded that none were at a sufficient level with which to proceed,” the company said on Tuesday.

The provider of pest control, cleaning, security and healthcare services is restructuring after a string of profit warnings, which it has blamed on rising costs and uncertainty surrounding Britain’s planned exit from the European Union.

Britain’s Financial Reporting Council is also examining how Mitie’s 2015-16 financial statements were prepared and approved.

Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely

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