Capita seals deal to offload human resources businesses in latest division sale
Outsourcing firm Capita has agreed a £21 million deal to sell its human resourcing businesses as it presses ahead with a plan to focus on key divisions and cut its debt.
The firm said it will offload Capita Resourcing, HR Solutions and ThirtyThree to London-based private equity firm Inspirit Capital.
The businesses provide human resourcing services to both the public and private sectors, supporting nearly 2,000 clients – including Capita – in helping them attract, hire and retain staff.
Staff and senior management teams will transfer to Inspirit Capital following the deal, which is subject to approval under the National Security and Investment Act.
It follows the recent sale of the firm’s Pay360 payments processing business, two real estate and infrastructure consultancy companies, Optima Legal and Capita Translation and Interpreting.
Capita, which has around 50,000 employees, previously announced its intention to sell a number of non-core businesses to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
Jon Lewis, chief executive of Capita, said the latest sale “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”.
“We remain focused on selling the majority of the remaining non-core portfolio businesses throughout the first half of 2023 depending on general market conditions,” he added.
