Facilities management business set to make 160 employees redundant

A well-known Bristol-headquartered facilities management has revealed plans to make 160 of its employees redundant in an effort to reduce costs following recent profit warnings, a news report can reveal.

In a trading update, the Mitie Group said 160 roles had been removed as part of the first wave of its cost reduction programme.

Following an accounting review undertaken with KPMG, Mitie added that it expects to incur write down its balance sheet of between £40m and £50m for the 2017 financial year. This is in addition to £14m in one-off costs identified in an update earlier this year.

Phil Bentley, chief executive of Mitie, said: "FY’17 has undoubtedly been a challenging year but Mitie remains a strong and successful business, and is continuing to deliver for our customers.

"Whilst these accounting adjustments in FY’17 affect our reported profits, they do not affect the underlying strength of our business.

"We have appointed a new executive leadership team – with a new way of working – and we are confident the business will generate significant shareholder returns over the forthcoming years."

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