Spring cleans up its training portfolio

MBO team snaffle up franchise business

Spring Group PLC has tidied up its training portfolio with the £6 million disposal of its Pitman franchised businesse and The Training Corporation (Springs Sales Skills ) to an MBO team. Spring gets £2.4 million in cash and retains 19.9 per cent of the equity. It also retains £1.9 millin in cash that was in the balance sheet of the businesses being sold, and it retains two freehold properties owned by the Training Corporation worth approximately £600,000. It is also keeping five Spring Learning Centres which deliver Pitman courses. The net assets for these operations are worth £600,000. After writing down the minority investment in the MBO operation to nil, Spring will record a pre-tax loss of £1.8 million on the disposal. The company said franchise businesses were non-core. The divestment also reflected its desire to spend management time on bigger Spring-branded businesses.® The franchise MBO team is backed by NatWest and 3i. Click here for more stories

Sign up to our Newsletter

Get IT in your inbox daily

Biting the hand that feeds IT © 1998–2017