Mitie to sell document management business for £40m

Mitie has agreed to sell its document management business to outsourcer Swiss Post Solutions (SPS) for £40m.

In the year to the end of March 2021, the business delivered revenue of £48m and earnings before interest, tax, depreciation and amortisation of £4.2m.

Mitie said Zurich-based SPS "is at the forefront" of digital transformation in document management and information processing, and is looking to grow its document logistics and business process services business across the UK and Ireland.

The company said that following the completion of the transaction - which is expected by the end of September - document management services will remain an important part of its integrated facilities management service offering to clients, under a preferred supplier partnership with SPS. "The additional scale and expertise of SPS will enhance the range of document management services offered to Mitie's IFM clients," it said.

Chief executive officer Phil Bentley said: "By joining forces with Swiss Post Solutions, the document management business will continue to grow and flourish, allowing Mitie to focus on our technology-led, Science of Service strategy in our core divisions."