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October 6, 2022

WSP agrees £60m deal for Capita units

WSP agrees £60m deal for Capita units

WSP will take over two businesses: Capita Real Estate & Infrastructure (REI) and GL Hearn (GLH).

Capita REI provides specialist advisory, design, engineering, environmental and project management services for land, building and infrastructure owners. It includes the legacy Travers Morgan consulting engineer business that Capita acquired about 20 years ago.

GLH provides advice to real estate developers, investors and occupiers across areas including planning and development, rating, valuation and occupier services.

The reported revenue and profit before tax of the two businesses combined in 2021 were £88.6m and £5.1m respectively. The combined gross assets were £124.2m at 31st December 2021.

The senior management teams and employees of REI and GLH will remain with their businesses as they transfer to the ownership of WSP, Capita said.

Capita previously announced its intention to sell a number of non-core businesses to strengthen its balance sheet and focus on the core divisions, Capita Public Service and Capita Experience.

Capita chief executive Jon Lewis said: “We are pleased to have agreed the sale of these two businesses to WSP following a competitive sale process. It marks another significant step, as we continue to simplify and strengthen Capita, and become a more successful business for the long term.

“At the same time, our REI and GLH colleagues and clients will join an established industry organisation with plans to take the businesses onto the next stage of their development. We will continue to execute on our plan at Capita to materially reduce debt through the disposal of non-core businesses.”

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