Capita teams up with state for training joint venture
Friday 26 April 2013
Capita has joined forces with the Government to create a multimillion-pound John Lewis-inspired business marketing professional qualifications.
The FTSE 100 company will take a 51 per cent stake in the joint venture (JV), which will support exam institutes and training bodies.
The move is part of the Government's plan to lessen the burden of the public sector. Previous examples of this include My Civil Service Pension, which manages the retirement funds of 1.5 million civil servants. Staff were handed 25 per cent of the company alongside the Government and a private sector partner.
Capita's chief executive, Paul Pinder, said: "The JV will create a strong and growing market for learning, accreditation and examination organisations and provide an excellent platform for helping to improve skills and employability.
"Additionally, the commercial success of the JV will not only be shared by the joint shareholders but also the employees, who will share a performance bonus pot of 5 per cent of the JV's pre-tax profits."
The Government said the partnership is expected to generate £500m of returns for shareholders over 10 years. Capita will pay £10m upfront for its stake and a further £9.4m in each of the company's first three years.
Francis Maude, minister for the Cabinet Office, said: "The state is littered with potential businesses which could be bringing in revenue, creating jobs and driving economic growth. We are committed to getting Britain ahead in the global race, which is why we want to exploit these hidden gems and use the profits to protect frontline public services.
"The new joint venture is expected to save taxpayers half a billion pounds over 10 years – none of that would have been saved if the Government had left things how they were at the time of the general election.
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