Capita is looking at selling some £700m worth of assets to shore up its position, reports City A.M., but it is denying that there is any question of some sort of ‘fire sale’.
It’s also looking at a rights issue to raise a similar amount.
Note, though, our coverage of the company in January. The new CEO was just bedding in and there was always bound to be some sort of realignment of the business. The coverage in City A.M. seems to have the company on the defensive, but in the light of over-diversification there was never going to be a painless path back to productivity.
The company maintains that any sell-offs will be considered carefully. Alert readers will note that this could mean anything the organisation wants it to. But we’re not detecting any signs of panic just yet; a newish CEO is effectively re-imagining what the business can be and ought to be. It’s what they do.
Intelligent Sourcing will keep readers updated with any developments.