Mitie invests in two new businesses

5th Jul 2013 16:24

Outsourcing group Mitie has agreed to invest 1.2m pounds in one existing business and one new start-up.Both subsidiaries will be set up as 'Mitie Model' businesses, with Mitie stands for Management Incentive Through Investment Equity, with management taking a significant equity stake in each of the two subsidiaries.One of the businesses is an existing waste management concern that will be launched as a stand-alone outfit and the other is a start-up company that will provide local cleaning services to smaller-value clients in London. Mitie Chief Executive Ruby McGregor-Smith said: "We are delighted to be investing in two more 'MITIE Model' businesses. "Equity participation is a key differentiator for MITIE and we are really looking forward to watching these businesses develop and grow."Shares in Mitie were up 2.8% at 264.6p at the close on Friday. OH