Capita to sell resourcing businesses
LONDON, UNITED KINGDOM — British outsourcing firm Capita announced it has agreed to sell its resourcing businesses Capita Resourcing, HR Solutions, and ThirtyThree.
These will be sold to investment company Inspirit Capital for £21 million (US$24.8 million) on a cash-free and debt-free (CFDF) basis.
Capita expects to receive cash proceeds of £17 million (US$20 million) – which includes a deferred payment of approximately £7 million (US$ 8.2 million) receivable by Capita on 30th November 2023.
The senior management teams and employees will remain with their businesses.
The combined enterprises’ reported revenue and profit before taxes for the year to 31st December 2022 were £78 million (US$92.1 million) and £10 million (US$11.8 million), respectively. Their gross assets were £35 million (US$41.3 million) as of 31st December 2022.
Capita is looking to sell most of its remaining non-core Portfolio businesses in the first half of 2023 to strengthen its balance sheet.
“It also marks another significant step towards reducing Capita’s debt, as we continue to simplify and strengthen the organisation, and become a more successful business for the long term,” said Capita Chief Executive Officer (CEO) Jon Lewis.
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