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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.

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