Mitie buys out subsidiaries

Mitie has announced it will spend £3.5m to buy out most of the minority shareholdings in five of its subsidiaries.
The largest of the five, Mitie Air Conditioning (North), installs air conditioning systems in the north of England, has a turnover of £7.1m and made a pre-tax profit of £600,000 last year. Buying the outstanding 46% of the business is costing £1.3m.
MES Retail operates nationally, providing M&E services to blue chip retail sector clients. Last year it logged a pre-tax profit of £710,000 on turnover of £11m. Its shares cost £1m, which brought Mitie 39% of the business, giving it a total shareholding of 93%.
Mitie Roofing operates in the Midlands and had a turnover of £4.8m last year, giving a profit of £220,000. There was an outstanding 40% shareholding to buy and the move cost £1m.
Mitie spent £85,000 adding 8% to its shareholding of Security Scotland, leaving a balance of 19% still outstanding.
Greencote provides plastering and building services in north-east England. Mitie's £44,000 spend brought home an outstanding 3% of the issued share capital.