MITIE Group (LSE:MTO) is a British company that provides facilities management services, such as catering and cleaning. The company has announced a series of earnings misses. It has replaced its management team, but the new leaders are constrained by old contracts that are still in place and substantial debt on the company’s balance sheet. We thought it prudent to take our losses and sell this position.
From the First Eagle Global Value Fund first quarter 2017 commentary.
