Tuition is over for Nord

NORD Anglia moved to take advantage of the Government's love affair with privatised public services today as the outsourcer put its accountancy tuition and publishing activities on the market in order to concentrate on running schools and nurseries.

Nord Anglia paid 18 million for the businesses three years ago, suggesting talks start at around 21 million in a sector ripe for consolidation.

Founder Kevin McNeany also said Nord Anglia is paying 5.5 million, mostly cash, for Bright Horizons, which operates 10 day-care nurseries in the South and West.

Bright Horizons made a pre-tax profit of 700,000 on turnover of 2.47 million in the year to 31 May 2000. But in the year to 31 May this year, Bright Horizons clouded somewhat as the opening of new nurseries resulted in a 290,000 loss and 5.8 million of bank debt.

Analysts are looking for about 3.7 million yearend profit for Nord Anglia, 40% of it coming from outsourcing and various forms of "partnership" in schools and nurseries.

In May, the Manchester-based firm clinched a landmark seven-year contract with Surrey County Council to manage Abbeylands comprehensive in Addlestone, now to become the Runnymede Business and Enterprise College. Nord Anglia wants to be able to hire and fire teachers.

Copyright 2001
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