Fri, 19 Dec 2014 | ADMINISTRATION
An independent prep school in Yorkshire is looking for a buyer after falling into administration.
In October Malsis School in Crosshills, which was founded in 1920, announced merger talks with Giggleswick School. However, when these negotiations broke down the school said it would be closing at the end of the autumn term.
The merger fell through because refurbishment costs at Malsis proved to be significantly higher than anticipated and income had not increased at the rate they thought it would.
Malsis closed its doors on 10 December and Charles King and Hunter Kelly from Ernst & Young have now been appointed as joint administrations to the school. Malsis School Trust – a charitable company and operator of an independent co-educational day and boarding school – has ceased to operate with immediate effect.
The administrator will now run the prep school's business, property and affairs, Insider Media reported.
Malsis is set on a plot of more than 40 acres, featuring a lake, rugby pitches and a nine-hole golf course.
Charles King, EY executive director and joint administrator to Malsis School Trust, commented: "A fall in pupil numbers combined with pressure on fees impacted Malsis School Trust's cash flow, and the school could not continue to fund the resulting substantial losses.
"Despite efforts to secure a merger for Malsis School with another school, negotiations ended unsuccessfully in late October 2014, which left the trustees with no choice but to decide to close Malsis School in December 2014."
Mr King added that it was a “sad event” for the local community and that EY would now begin marketing the land and building and realising the assets.
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