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Mitie scaffolding sold for £4.9 million cash

Finance

A TEAM led by managing director Michael Bowkett has bought out Mitie's scaffolding division for £4.9 million in cash.

The operation has been renamed Bow Scaffolding and the deal, which is bankrolled by Bank of Scotland, involves the management team taking on existing debts of £6 million.

Mitie chief executive Ian Stewart said: 'This disposal is in line with our policy of concentrating on our core business which is the provision of services to building owners and occupiers.'