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.
- 1 Scientists create transparent mouse complete with see-through organs
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Amazonian Indian tribe filmed making contact with Brazil village in rare video footage
Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
Pope Francis issues top 10 tips for happiness
Kenny Ireland dead: Benidorm actor dies aged 68
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Putin v Obama: Russian deputy prime minister mocks president with catty pictures on Twitter
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...