Shares in Mitie Group rise after catering arm sale

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Shares in Mitie Group rise after catering arm sale
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It's the latest attempt‎ by Mitie's boss to reshape the company during a period of continuing pressure on the outsourcing sector.

Shares in the outsourcing giant Mitie Group have risen sharply after it confirmed the sale of its catering division.will see Mitie offload"Gather & Gather", its catering arm, in a deal valued at £85m to CH&CO, a contract caterer which holds a royal warrant from The Queen.The deal will allow CH&CO to offer"Gather & Gather" catering services exclusively to Mitie's clients.

According to a stock exchange filing, Gather & Gather's management team will remain in place under CH&CO's ownership.Mitie's chief executive Phil Bentley said:"By teaming up with CH&CO at this time, we believe this ensures the best choice and competitive pricing for our clients, whilst releasing funds for reinvestment and strengthening our balance sheet.

"The Gather & Gather management team will continue to lead the business and we look forward to working with them on delivering their unique offering to our existing clients and on future IFM opportunities."

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