Outsourcing and energy services company Mitie has agreed a partnership to deliver facilities management services for Lloyds Banking Group.
The contract, which has been signed for a five-year term, has a possible one-year extension period, with an expected value of around £155m per annum.
Mitie will provide a range of facilities management services across the bank's entire UK branch and office estate.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Mitie Chief Executive Ruby McGregor-Smith said: "This partnership will deliver a new style of facilities outsourcing in the UK. It will be one of the biggest private sector facilities management contracts of its type and is a great example of two organisations working collaboratively.
The share price of Mitie rose 0.24% to 293p by 13:46.
NR
-
Trump wants to colonise Mars – will it happen?Donald Trump wants to plant the US flag on Mars. Could humans really live there?
-
Klarna postpones US IPO as Trump's tariffs rattle marketsBuy-now-pay-later lender Klarna has postponed its US initial public offering owing to the market turbulence. It is not alone, says Matthew Partridge
