G4S has today announced that it is selling its UK Children's Services business.
The Children's Services business, which consists of 13 children's homes and contracts to manage two secure training centres at Medway and Oakhill, is being sold off as part of G4S's ongoing review into its business portfolio.
The Children's Services division brought in revenues of roughly £40m in the year to December 2015.
In its statement announcing the sale, G4S reassured that the well-being and education of the children in their care would remain their priority until the sale transaction was complete.
The security company also has a third contract for a secure training centre, which detain and train people aged between 12 and 17 who meet the requirements of a custodial sentence, at Rainsbrook. This contract is currently being transferred to a new provider and is not included in the sale plans announced today.
Share price in the company, which was demoted from the FTSE 100 at the end of last year, was trading up four per cent at 213.2p shortly before 2pm London time.
G4S is due to make a preliminary announcement of its results for the year ended December 2015 on 9 March.