CAPITA PLC: Capita preferred bidder for Staffordshire joint venture 27 November 2012 Capita recommended as preferred bidder for Staffordshire County Council joint venture Capita plc confirms that it has been recommended as preferred bidder to create an educational support services joint venture (`JV') with Staffordshire County Council, subject to the Council's Cabinet approval. The JV, in which Capita will hold a majority stake, will initially deliver a range of educational support services for schools and academies in the Staffordshire region. These services are expected to generate revenues of approximately £85m per annum over 20 years. The JV will additionally focus on achieving significant growth through securing new local authority, school, academy and further and higher education clients across the UK. Staffordshire County Council has a good reputation for delivering quality education support services and is widely recognised as an industry leader in supporting schools to deliver the best for their pupils. The JV will harness both the Council's expertise and customer relationships and Capita's infrastructure and commercial experience to create a national education support services business. The new business will focus on enabling improvement in educational outcomes in Staffordshire and for future clients across the UK. Over the first 10 years, the JV is targeting total revenue of at least £2bn. The UK schools education support services market is currently estimated to be worth around £16bn per year. With changes in Government policy giving education establishments greater freedom of choice over where and how they buy services, there is a significant opportunity for the provision of quality, industry leading support services on a national level. Subject to approval by Cabinet at a meeting on 5 December, the Council will commence detailed negotiations with Capita to formulate the JV that will underlie this long term and evolutionary partnership. As part of the agreement, Capita will acquire its stake in the joint venture with an initial investment of £24.9m in the first year and a further £6.6m over the following 3 years. Some 3,800 staff are expected to transfer to the newly formed organisation. Further details will be issued following the Council's due process, as appropriate. -ends- For further information: Capita plc Tel: 020 7799 1525 Paul Pindar, Chief Executive Officer Shona Nichols, Corporate Communications Director Media enquiries only: Capita press office Caroline Mooney Tel: 020 7654 2152 or 020 7654 2399 (out of hours) Email: firstname.lastname@example.org Notes to editors Capita plc is the UK's leading provider of business process management (BPM) and integrated professional support service solutions. With 46,500 people at more than 350 sites, including 68 business centres across the UK, Europe and India, the Group uses its expertise, infrastructure and scale benefits to transform its clients' services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of the FTSE 100 with 2011 turnover of £2.9 billion and profit before tax of £385 million. Further information on Capita plc can be found at: www.capita.co.uk. END -0- Nov/27/2012 13:35 GMT
CAPITA PLC: Capita preferred bidder for Staffordshire joint venture
Press spacebar to pause and continue. Press esc to stop.