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MBO team snaffle up franchise business

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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

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