MITIE launches £10 million fund to back entrepreneurial start-ups
15th February 2012

MITIE plc, the FTSE 250 listed strategic outsourcing and energy services company, has announced its intention to back entrepreneurial start-ups in facilities management, energy and property sectors with a £10 million fund and Executive Board Director support; Head Office help in the form of management expertise, equity, working capital, back office and administrative infrastructure; business plan development and 51% investment in the start-up. The company is to host a 'MITIE Millions' "Dragons Den" style pitching event on 28th May 2012 in London with the top five applicants getting to spend half a day with a global business consultant, working on their business plan and presentation, before pitching at the event. The entrepreneur with the best pitch on the day will secure an investment to start their business. Closing date for applications to pitch at the 'MITIE Millions' event is 30th April 2012.

"We’re looking to start businesses that expand the range of services we offer to our existing clients, or that will lead us into new markets. Our range of services is incredibly broad and we’re open to any idea that fits with MITIE’s strategy. At the moment we are particularly excited about the market opportunities in energy services, healthcare and technology. They are rapidly growing markets that have huge potential for outsourcers to provide new and innovative solutions" said Ruby McGregor-Smith, CEO of MITIE.

MITIE that stands for 'Management Incentive Through Investment Equity' has been partnering with entrepreneurs to grow businesses since it started 25 years ago. The ‘MITIE Model’ is for entrepreneurial management teams who have an idea for growing a business as a part of MITIE. It’s structured so that the management team takes an equity stake of up to 49% in a business which they grow over a five to ten-year period, and is eventually acquired by MITIE in full.

MITIE has supported over 100 start-up businesses to grow using the MITIE model, with a 95% success rate. It has shaped our entrepreneurial culture, supported our excellent track record of growth, and provided the basis for hundreds of people to develop successful careers in outsourcing.

Further info about 'MITIE Millions' can be found at www.mitie.com/entrepreneurs.