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Thursday 12 July 2018

Capita offloads ParkingEye for £235m

CapitaCapita continues to execute on its new strategy and slimdown with agreement to sell its parking management business, ParkingEye, to a vehicle owned by Macquarie and funds advised by MML Capital Partners for £235m. The valuation represents a healthy profit on the £58m that Capita paid for the business five years ago.

ParkingEye manages car parks for retail, hospitality, education and the NHS with revenue of £40m and an operating profit of £14m for last year. ParkingEye was never core to Capita and was one of the businesses earmarked for sale in a new strategy designed to simplify the business and focus on a smaller number of growth markets. When added to the disposals already undertaken this year it will raise more than £400m for Capita, well ahead of the target of £300m. Proceeds are likely to be used to reduce Capita’s debt.

In a separate announcement, and hot on the heels of the MoD Fire and Rescue win Capita has won a contract with the Department for Education’s Standards and Testing Agency (STA) to manage English primary school national curriculum tests from September 2019. The six-year contract, covering the 2020 to 2024 test cycles, will be worth approximately £109m.

The STA is moving to a single-supplier model with Capita managing the printing, distribution, and collation of over 9 million test papers annually for key stage 1 and 2 tests, as well as administering the marking of four million key stage 2 test papers annually. Capita will then move to digitise the process allowing all 16,000 schools and 4,000 test markers to review the status of the test process, access results and records online.

CEO Jon Lewis still has a long way to go on his turnaround but announcements like these show the promise of a good start.

Posted by Marc Hardwick at '09:10' - Tagged: contract   disposal  

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