NORD ANGLIA UK SCHOOL SOLD FOR £4.18m - Hull Grammar School acquired by the Church Schools CompanyNord Anglia Education PLC, ("Nord Anglia") the education and training company, announces that Nord Anglia´s Hull Grammar School has been purchased by the Church Schools Company, for a total cash consideration of £4.18m, against a net asset value of £1.8m.Nord Anglia acquired Hull Grammar School from the administrator in 1991 for £0.9m. Since then, the school has gone from strength to strength, both academically and as part of Nord Anglia´s schools business. For the year ended 31 August 2003, Hull Grammar, which is a co-educational school catering for 450 students from two to 18 years of age, registered a turnover of £2.4m and contributed £0.28m to Group operating profits. The Church Schools Company already owns a competitor school in Hull – Hull High School, a girls-only school of a similar size to Nord Anglia´s Hull Grammar School. Having jointly researched the market for private education in Humberside it was clear that a merged school would be in the best interests of the students and staff and of both companies. Commenting on this announcement, Kevin McNeany, Chairman said: "Nord Anglia remains committed to the development of its schools business, both in the UK and internationally. This successful disposal will further strengthen Nord Anglia´s balance sheet and facilitate the funding of its growth strategy for the schools business, with particular emphasis on international expansion." For further information please contact: Kevin McNeany, Chairman Andrew Fitzmaurice, Chief Executive Officer Nord Anglia Education PLC 0161 491 8404 Lisa Baderoon This e-mail address is being protected from spambots. You need JavaScript enabled to view it Buchanan Communications www.buchanan.uk.com 0207 466 5000/07721 413 496 |
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