MSS to build on Building Services
05 September 2011
Managed Support Services (MSS) has completed the sale of its Compliance Division to The Capita Group Plc for £3.85 million, which will be used to fund the development of MSS` Building Services Division.
MSS expects to receive net cash of £3 million following adjustments for working capital and the settlement of inter group balances. This will leave the group in a strong financial position and well positioned to generate additional business wins and enhance service levels.
The Compliance Division provided a range of services including the provision of health and safety consultancy solutions, water treatment monitoring and water-related legislative compliance.
Simon Beart, Chief Executive of MSS commented: “The disposal will simplify the Group and strengthen the balance sheet, both of which we believe will contribute to achieving further new business gains. We decided to sell the Compliance Division because as a Group we were unwilling to fund the development of two divisions by acquisition and have therefore elected to concentrate our management and financial resources on the organic and acquisition driven growth of the Building Services Division.”
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