The new start-up business, called MITIE Business Services UK Ltd, will be targeted specifically at regional markets. It will deliver MITIE’s existing business services offering as well as other services that meet the requirements of the regional markets they will be working in.
MITIE’s existing Business Services division was established in London in 2000 under the MITIE Model. It grew rapidly and now generates over £40m annual revenues.
It is predominantly focused on delivering document management and distribution services in London. The initial focus for the new business will be Southern England and the Midlands, and a key target for the new business will be the legal sector.
MITIE, which stands for Management Incentive Through Investment Equity, has a long history of partnering with management teams to start up new business ventures, having participated in over 90 successful start-ups using the ‘MITIE model’ in its 24-year history.
In January 2011, MITIE launched a £10m fund to back management teams with innovative ideas for starting mutually owned businesses in the United Kingdom.
Ruby McGregor-Smith, Chief Executive of MITIE Group PLC, said: “We are delighted to be investing in another start-up business from our Entrepreneurs Fund. We are passionate about providing opportunities for entrepreneurs who want to grow businesses and lead the enterprise-lead recovery in the UK.”
Tim France, Director for MITIE Business Services UK, commented: “This is a very exciting opportunity for us to grow a business delivering professional document management services on a regional basis. We are looking forward to the prospects that lay ahead and growing with our clients to service them throughout the UK.”