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Incoming boss of outsourcing firm Mitie bets £3.6m…on himself

City Finance Reporter for the Daily Mail

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Phil Bentley, 57, who is due to take over as chief executive of Mitie next month, bought £3.6million shares in the firm on Tuesday

The multi-millionaire former boss of British Gas has backed himself to turn troubled outsourcing firm Mitie around.

Phil Bentley, 57, who is due to take over as chief executive of Mitie next month, bought £3.6million shares in the firm on Tuesday, the day after it announced a £100million loss.

Oxford-educated Bentley left British Gas in 2013 after seven years amid disquiet over above-inflation gas bill hikes, pushing average bills past £1,300 per year.

Frustrated he would not get the top job at parent company Centrica, he left British Gas with a package worth up to £13million.

He then became the boss of Cable Wireless Communications, taking a huge payoff when the company was bought by Liberty Global for £3.5billion.

His vote of confidence in Mitie boosted its shares. The 1,852,656 shares he bought cost 194p – but yesterday they were valued at 201.5p, netting him in the region of £140,000.

The firm has been in disarray, saying it was pulling out of the healthcare business.

 

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Article source: http://www.thisismoney.co.uk/money/markets/article-3967278/Incoming-boss-outsourcing-firm-Mitie-bets-3-6m-himself.html

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