Capita is divesting “non-core” parts of its business starting with its resourcing business.
Inspirit Capital is paying £21 million for Capita Resourcing, HR Solutions and ThirtyThree, gaining the senior management and teams that work at the human resourcing operations.
Reported revenues and profits before tax of the combined businesses for the year to 31 December 2022 were £78 million and £10 million respectively, with gross assets of £35 million as of 31 December 2022.
This latest sale will give the firm the opportunity to further concentrate on its two core operating areas: Capita Public Service and Capita Experience.
Capita CEO Jon Lewis said the transactions offer significant growth opportunities for the businesses, their clients and partners.
“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. 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 said.
Capita recently shed its Pay360 payments processing business, two real estate and infrastructure consultancy businesses, along with Optima Legal, and Capita Translation and Interpreting.
The firm also reported that its public sector pipeline had strengthened as some delayed projects came online.
“This was an important year for Capita, in which we demonstrated the financial benefits of our strategy to focus on the two core markets we serve best,” said Lewis.
