This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Price tag of £14m for security services provider

08 October 2018

Mitie has announced the purchase of Vision Security Group (VSG) from Compass Group for the sum of £14m.

Announced today, the payment will be made on completion of the transaction on a cash-free, debt-free basis, subject to adjustment pending final completion accounts.

VSG currently provides integrated security systems, manned guarding and key holding services across the UK and Ireland.

It has a workforce of approximately 6,000 staff engaged in providing security services for 1,400 guarding locations and more than 5,000 systems locations.

The statement from Mitie announcing the deal said VSG would join its Total Security Management business "to accelerate the growth of Mitie's premium technology-enabled and intelligence-led security solutions".

Revenue of £192.1m and losses before tax of £2.7m were reported by VSG for its accounts up to 30 September 2017, with gross assets of £42.4m.

The company's accounts for 2018 have yet to be announced but the statement said that "modest profitability" was expected.

For the purposes of the UK Financial Conduct Authority's Listing Rules, the acquisition constitutes a Class 2 transaction.

It is expected to be completed by the end of this month and will be funded through Mitie's cash resources.

Print this page | E-mail this page


Article image Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the rubbish for general collection.Full Story...

Article image Registration opens for SME public sector contracts

Service providers wishing to apply for public sector fast-tracked, lower value contracts in the New Year are now able to register.Full Story...

Legionella failings result in substantial fine and updated water management processes

Birmingham-based education caterer purchased

Benchmarking maintenance