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Healthcare business sells for just £2

02 March 2017

Mitie has announced the sale of its Healthcare division to specialist investor Apposite Capital for a nominal fee of £2.

Announced in various national media news items yesterday, it was further stated that there had been a further writedown on the value of the loss-making business.

The company had announced that it would withdraw from the home healthcare services market last November.

Its latest statement said the total writedown on the division and losses would total £36.8m in the current year, according to Reuters.

This sum is further to the £115.3m losses announced in previous statements.

One reason for the reduction has been identified as the spending cuts made by the government on healthcare, which has also seen Mears withdraw from this area of the market.

Following the sale, Mitie has committed to contributing £9.45m to cover the Healthcare division's losses and costs of changing its business model in April and July.

The Reuters report also refers to profit loss warnings issued by Capita, Carillion and Interserve, following a slowdown within their UK businesses.


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