Sale of Nursery Division

13^th August 2007
 

The Board of Nord Anglia Education plc (“Nord Anglia”) announces that it has agreed the proposed sale of its Nursery division (“Leapfrog Nurseries”) to Busy Bees, a subsidiary of A.B.C. Learning Centres Limited (“A.B.C.”).  As a consequence of its size, the sale is conditional upon the approval of Nord Anglia Shareholders at an Extraordinary General Meeting. 

KEY POINTS 

• Proposed sale of the Nursery division for a total consideration of £31.2m to be paid in cash on Completion.

• The buyer, A.B.C., an Australian-based nursery operator¸ plans to merge Leapfrog Nurseries with its UK-based chain of nurseries trading as Busy Bees.

• Proceeds from the proposed sale will allow the Continuing Group to reduce debt significantly and finance investment in, and focus management on its International Schools and Learning Services divisions.

• Further to the trading update given at the time of the interim results, Nord Anglia can confirm that its International Schools and Learning Services divisions are performing well and that it expects earnings for the full year to be in line with expectations.

 Alan Kelsey, Nord Anglia’s Chairman, comments: “The Board believes that the sale of the Nursery division is in the best interests of Nord Anglia Shareholders.  We wish the management, staff and new owners of the business every success. 

“Nord Anglia will continue to focus on the expansion of its International Schools and Learning Services divisions. The Disposal will enable us to concentrate on these value creating businesses. 

“We look to the future with much confidence.”  

Click here for full announcement

  ENQUIRIES: