Unite union requests meeting with outsourcing company to discuss how job cuts will affect business activitiesMitie Group may cut up to 480 jobs as it overhauls its cleaning and engineering divisions, saying the cost of its turnaround will be higher than expected. Mitie shares fell 4.6% to a three-month low in early trading on Wednesday, before recovering to close 0.6% down at 257p. Mitie, which employs 53,000 people, has already cut about 200 jobs and there were signs of more to come. Analysts at Jefferies and Bank of America Merrill Lynch said the rising cost of the clean-up – now £24m from an earlier £15m – was an issue. As part of its overhaul, Mitie has restated its accounts, said it would appoint a new auditor and sold a loss-making business.

Source: The Guardian September 20, 2017 16:18 UTC