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Britain's Mitie agrees sale of healthcare business for 2 pounds
March 1, 2017 / 7:38 AM / 9 months ago

Britain's Mitie agrees sale of healthcare business for 2 pounds

March 1 (Reuters) - Britain’s Mitie has agreed to sell its loss-making home healthcare business to specialist healthcare investor Apposite Capital for 2 pounds and will take a larger charge in full-year results to writedown the value of the business, it said on Wednesday.

The company, which in November announced its decision to withdraw from the low-margin home healthcare services market, said its total writedown on the business including operating losses would be 36.8 million pounds ($45.5 million) in the current year, on top of the 115.3 million pounds noted in the first half.

Mitie, a provider of pest control to property cleaning, security and healthcare services, has experienced a difficult past year and issued three profit warnings in four months on Brexit-related uncertainty and announced an overhaul of its management structure. ($1 = 0.8094 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman)

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