Mitie
 | |
| Company type | Public (LSE: MTO) |
|---|---|
| Industry | Facilities Management |
| Founded | 1987 |
| Headquarters | Bristol, UK |
Key people | Roger Matthews, Chairman Ruby McGregor-Smith, CEO |
| Revenue | £1,521.9 million (2009)[1] |
| £78.6 million (2009)[1] | |
| £54.4 million (2009)[1] | |
Number of employees | 54,000 (2009) |
| Website | www.mitie.com |
MITIE Group PLC (LSE: MTO) is a British strategic outsourcing and asset management company with their head-office in Bristol. MITIE operates mainly in the UK providing facilities, property and asset management services, but also has operations in Ireland and The Netherlands. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
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 Technical Facilties Management for £130m[7] to booster their own facilities management division and an expansion into Social Housing with the purchase of Environmental Property Services (EPS) for £38.5m[8].
Operations
MITIE stands for Management Incentive Through Investment Equity, and the company's managers own a substantial minority stake in the business. MITIE's business model is based on taking 51% equity stakes in start up businesses which fall into its broad fields of activity.[9] The management of the new business invests the remaining capital and if certain targets are met they may sell the balance of the business to MITIE after a fixed period for a sum based on the profits achieved (an earn out). Payment is made in a mixture of cash and MITIE shares. The managers usually remain with MITIE after the earn out.
As a result of this business model MITIE has a large number of group businesses which have significant managerial autonomy but share internal systems, Human Resources, IT and marketing resources. MITIE works with their clients through three core channels; stategy & consultation, facilties & property management and providing service. This makes their clients buildings and facilties smarter, greener, safer and better run through providing services from Asset Management, Business Services, Catering, Cleaning & Environmental Services, Client Services, Facilities Management, Painting, Property Management, Roofing and Security.
Company structure
MITIE is split into three division of Facilities Management, Property Management and Asset Management.[10]
Services
CarbonCare[11] from MITIE is a full range of integrated services that helps their clients manage their energy use and ultimately reduce their carbon footprint. CarbonCare forms the basis of all MITIE service offerings.
MITIE in the community
MITIE makes a significant contribution to the communities they operate in throughout the UK. MITIE also run several Skills Centres[12] and a Real Apprentice[13] scheme.
References
- ^ a b c Annual Report 2009
- ^ a b MITIE: History
- ^ David Telling: The High and MITIE The Independent, 21 March 2001
- ^ UK Business Park: MITIE
- ^ Mitie confident despite softer economy
- ^ North East Business
- ^ MITIE to buy Dalkia for £130m
- ^ MITIE buys EPS
- ^ Mighty job ahead for new boss at MITIE
- ^ Mitie at a glance
- ^ MITIE CarbonCare
- ^ Skills Centre
- ^ Real apprentice