REG-Capita Plc: Disposal - Capita agrees to sell its travel businesses

CapitaAnnouncement

10/08/2023 07:00

 

 

Capita plc

 

10 August 2023

 

Capita agrees to sell its travel businesses

 

Capita plc (‘Capita’) today announces that it has agreed to sell its
travel and events businesses Agiito and Evolvi to Clarity Travel Ltd
(‘Clarity’) for an enterprise value of £36.5m on a cash free, debt free
basis. Taking into account the working capital and debt liabilities that
Clarity is assuming as part of the transaction, Capita expects to receive cash
proceeds of £16m, of which £8m is payable on completion and £8m is payable
12 months following completion.

 

The senior management teams and employees will remain with their businesses as
they transfer to Clarity, the business travel and events division of the
Portman Travel Group Ltd (‘Portman’).

 

The reported revenue and profit before tax of the combined businesses for the
year to 31 December 2022 were £31m and £4m respectively, and gross assets
were £76m at 30 June 2023.

 

The sale to Clarity is subject to National Security and Investment Act
approval.

The agreement to sell these Capita businesses follows the completion of the
divestment of our Software, Enforcement and PageOne businesses in July. The
sale also marks the penultimate transaction before the completion of
Capita’s non-core disposals programme.

 

The proceeds, net of transaction costs, will be used to further strengthen the
balance sheet and reduce debt.

 

Jon Lewis, Capita’s Chief Executive Officer, said: “We are pleased to have
agreed the sale of our travel and events businesses to Clarity, following a
competitive sale process.

 

“The transaction offers significant growth opportunities for the businesses,
their clients and colleagues.

 

“It also marks another significant step towards reducing Capita’s debt, as
we continue to simplify and strengthen the organisation, and become a more
successful business for the long term.”

 

 

For more information, please contact:

 

Investor enquiries 

Helen Parris
                                      
Stephanie Little

Director of Investor Relations             Investor Relations
Manager

Tel: 07720 169269                             
Tel: 07541 622838

Email: IRteam@capita.co.uk              Email:
IRteam@capita.co.uk 

 

Media enquiries
Capita external communications
Tel: 0207 654 2399
Email: media@capita.co.uk 

About Capita plc

 

Capita is a leading provider of business process services, driven by data,
technology and people. We are a purpose-led, responsible organisation­. Every
day our 50,000 colleagues help millions of people, by delivering innovative,
digitally enabled solutions to transform and simplify the connections between
government and citizens, businesses and customers. We partner with our clients
and provide the insight and technologies that give time back, allowing them to
focus on what they do best and making people’s lives easier and simpler. We
operate across three divisions – Capita Public Service, Capita Experience
and Capita Portfolio – in the UK, Europe, India and South Africa. Capita is
quoted on the London Stock Exchange (CPI.L). Further information can be found
at: http://www.capita.com

About the travel businesses

 

Agiito is an award-winning UK travel, meetings and events management
intermediary with its roots going back 50 years, supported by well recognised
brands. Agiito serves a diverse set of enterprise, mid-size and
small-capitalisation customers in the private and public sectors - the
majority with a UK-centric buying profile.

 

Evolvi is a specialist B2B rail ticket issuing platform provider.

 

About Clarity

 

Clarity, the Business Travel and Events division of Portman Travel Group is
headquartered in Manchester with over 400 employees, servicing a wide variety
of clients across sectors including Legal & Professional Services, Retail,
Infrastructure, Construction, Marine, Charity, Academia and Public Sector.

 

About The Portman Travel Group

 

The Portman Travel Group is a UK based portfolio of travel businesses. It has
three core divisions, Business Travel, Sports Travel and Luxury Leisure Travel
with a number of businesses operating in each division: The key brands are
Clarity for Business Travel & Events, Destination Sports Group for Sports
Travel, and Elegant Resorts and IfOnly for Luxury Leisure Travel. The Group
has over 750 employees.

 

 

 

 

 

 



Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved