MITIE’s model rewards start-ups
25 August 2011
MITIE has purchased employee minority shareholdings of five of its successful ‘MITIE Model’ businesses.
The company is committed to backing British start-ups and as part of this, launched a £10 million Entrepreneurial Fund in January this year. In July, MITIE also joined a roster of leading companies as a founding sponsor of StartUp Britain, the Government-supported initiative to helping aspiring entrepreneurs in the UK.
MITIE, which stands for Management Incentive Through Investment Equity, has a long history of partnering with management teams to start up and grow businesses, having participated in over 80 successful start-ups using the 'MITIE model' in its 23-year history.
Ruby McGregor-Smith, Chief Executive of MITIE, said: “I am delighted with the progress of these five MITIE businesses which have contributed to the growth of the group. We see a significant opportunity for the MITIE model to support our aspirations for growth and we hope that more entrepreneurs will join us to grow similarly successful businesses.”
The five subsidiary companies that MITIE has agreed to purchase certain minority shareholdings of are: MITIE Cleaning Services Limited (MCSL), MITIE Engineering Maintenance (Caledonia) Limited (MEMCL), MITIE Landscapes Limited (MLL) MITIE Property Services (UK) Limited (MPSUKL) and MITIE Transport Services Limited (MTSL). As a result of these acquisitions, MITIE will own 100% of the issued share capital of all companies listed above, with the exception of MLL of which 89% of the issued share capital will be owned.
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