Mitie Pest Control sold to Rentokil Initial

Mitie Group plc has announced the sale on 1st October 2018 of the entire issued share capital of Mitie Pest Control Limited to Rentokil Initial plc for L40 million. The L40 million will be paid in cash at completion, subject to any adjustment for completion accounts. Most of the proceeds will be use...

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Bibliographic Details
Published inInternational pest control Vol. 60; no. 5; p. 250
Format Journal Article
LanguageEnglish
Published Burnham Research Information Ltd 01.09.2018
Subjects
Balance sheets
Pest control
Pests
Programmable logic controllers
Taxation
United Kingdom > UK
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Summary:Mitie Group plc has announced the sale on 1st October 2018 of the entire issued share capital of Mitie Pest Control Limited to Rentokil Initial plc for L40 million. The L40 million will be paid in cash at completion, subject to any adjustment for completion accounts. Most of the proceeds will be used to strengthen Mitie Group's balance sheet and accelerate partial repayment of the deficit under the Mitie Group's defined benefit pension scheme, with the balance being reinvested in core businesses. Mitie Pest reported profits before tax of L2.0 million for the financial year ended 31st March 2018.
Bibliography:SourceType-Scholarly Journals-1
ObjectType-News-1
content type line 14
ISSN:0020-8256
1751-6919