Finally, layer by layer, new management at Mitie is peeling away the emperor’s clothes. New management under Phil Bentley is setting the record straight and recently wrote down the balance sheet by £36.8 million. That’s on top of the £115.3 million of goodwill on Mitie’s healthcare division that previous management wrote off with a nonchalant stroke of a pen in 2016. Only a few years earlier, Mitie had frittered away £120 million on this business and now it was worth almost nothing, just £2. In fact, Mitie has even had to pay…

Source: The Times March 06, 2017 00:02 UTC