Outsourcing British firm Capita has agreed a £21 million deal to sell its human resourcing businesses, Capita Resourcing, HR Solutions and ThirtyThree to Inspirit Capital.

Outsourcing British firm Capita has agreed a £21 million deal to sell its human resourcing businesses, Capita Resourcing, HR Solutions and ThirtyThree to Inspirit Capital. 

Capita said on Monday, it expects to receive cash proceeds of £17m, which includes a deferred payment of c.£7m receivable by Capita by 30th of November 2023.

Capita, has around 50,000 employees, said that the senior management teams and employees will remain with their businesses as they transfer to the ownership of Inspirit Capital.

“We are pleased to have agreed the sale of our resourcing services businesses to Inspirit Capital, following a competitive sale process. The transactions offer significant growth opportunities for the businesses, their clients and colleagues,” said Jon Lewis, Capita’s Chief Executive Officer. 

“It also marks another significant step towards reducing Capita’s debt, as we continue to simplify and strengthen the organisation, and become a more successful business for the long term. We remain focused on selling the majority of the remaining non-core Portfolio businesses throughout the first half of 2023 depending on general market conditions,” added Lewis. 

The company has previously said it plans to sell a number of non-core businesses  in order to strengthen the balance sheet of Capita Public Service and Capita Experience.

The businesses provide human resourcing services to both the public and private sectors. They support around 2,000 clients to hire and manage their employees. 

“The agreement to sell these resourcing businesses follows the recent disposal of our Pay360 payments processing business, two real estate and infrastructure consultancy businesses, as well as Optima Legal, and Capita Translation and Interpreting,” said the company in a statement.