Capita planning £700m asset sale

Capita is planning a £700m asset sale as part of a balance sheet shake-up.

According to The Times, this sale will be alongside a heavily discounted rights issue intended to raise a similar sum.

Chief executive Jonathan Lewis is understood to be working on a more aggressive than expected review that could result in the sale of six or seven businesses.

Lewis said Capita had underinvested and relied on acquisitions to fuel growth. The firm is battling a debt pile that totalled £1.2bn at the end of last year and a reported £381m pension deficit.

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