26 Sep 2002
BAE Systems and VT Group today announced that they have acquired Johnson Controls Limited's 26 per cent share of Flagship Training Limited (Flagship). Both companies had previously held a 37 per cent share in Flagship but this agreement now provides for 50/50 joint ownership.
Flagship, which has its Headquarters at HMS Collingwood near Portsmouth, entered into a unique 15-year partnering arrangement with the Naval Recruiting and Training Agency (NRTA) in 1996. Through this ground breaking Public Private Partnership, Flagship markets Royal Navy training around the world, provides facilities management and construction services and invests through PFI in new training infrastructure. Flagship has a turnover of c70m per annum and employs 1200 staff both in the UK and overseas.
The BAE Systems shareholding in Flagship is through its Customer Solutions & Support business. Andrew Davies, CS&S Training Solutions managing director and Simon Withey, managing director of VT Partnerships, jointly commented: "The partnering arrangement between Flagship and the NRTA has been a resounding success and we are both delighted to increase our involvement in this initiative".
