£5 million up for grabs for Britain's start-up stars
15 March 2012
Entrepreneurs to pitch for cash at Mitie Millions
Entrepreneurs seeking start-up capital for their business ideas are today invited to pitch for a share of a £5 million investment fund from Mitie Group PLC.
Mitie, the FTSE 250 outsourcing and energy services company, is the only FTSE firm to fund and operate an investment start-up programme, which is done via its £10m Entrepreneurial Fund.
It has invested half of the money since the Fund was launched in 2011 and now plans to invest the second £5m at a live ‘Mitie Millions’ pitching afternoon on May 28th.
The four hour session will see six entrepreneurs competing for a slice of the £5m fund in front of a panel of top business leaders, led by Mitie CEO Ruby McGregor-Smith.
She said: “At Mitie, entrepreneurialism has always been at the heart of our organisation. Since we started 25 years ago, we’ve been partnering with entrepreneurs to grow businesses and we’re as passionate about this today as we were when we started.
“It has shaped our entrepreneurial culture, helped drive our excellent track record of growth, and provided the basis for hundreds of people to develop successful careers in outsourcing.
“We are looking for inspirational business people of all ages, to continue this rich heritage going forward. The Mitie Millions event will change the lives of those who are successful – it promises to be a brilliant event.”
Mitie works across every business sector, providing strategic consultancy and services such as security, cleaning and catering; property maintenance; building and infrastructure services; and energy consultancy, installation and management.
Anyone with a new business idea or with an existing business in its early stages can put their name forward for the Mitie Millions afternoon. The proposed business should complement Mitie’s strategy and add to its services and growing client base.
Applicants will then be filtered down to a final six who will receive free advice in advance from global business consultants PwC and Ernst & Young to help create a business plan and presentation before the pitching event takes place.
Mitie has been partnering with entrepreneurs to grow British businesses for a quarter of a century and has supported over 100 start-up businesses to grow using the Mitie model, with a 95% success rate.
The Mitie Model is structured so that a management team takes an equity stake of up to 49% in a business which they grow over a five to ten-year period, and is eventually acquired by Mitie in full.
Applications to participate in the event are open until the 30 April 2012. More information can be found at www.mitie.com/entrepreneurs.
For further information, contact:
John Telling, Group Corporate Affairs Director
D: +44 20 3123 8673
M: +44 7979 701006
Erica Lockhart, Head of Investor Relations and External Affairs
D: +44 20 3123 8675
M: +44 7979 784488
For more information about Mitie click here.
For more information about the Mitie Entrepreneurs scheme please click here.