Wed, 22 Jan 2014 | BUSINESS SALE
The sale of Hotcourses to Inflexion Private Equity has collapsed after talks broke down in recent weeks.
Hotcourses, an online education listings provider, is 49 per cent owned by the Health Secretary, Jeremy Hunt. The sale arrangement would have netted him somewhere in the region of £17 million, sending him to the top of the Cabinet Rich List.
However, the talks are not expected to be resumed and, although a sale is still thought to be up for discussion, there are no other active relations with another party at the moment, insiders have told Sky News.
Hotcourses was founded by Mike Elms and Jeremy Hunt. Sources told the news agency that disagreements had arisen during talks between Inflexion and Elms. Hunt is not thought to have taken any role in the sale talks.
Hotcourses was founded in 1996 in order to collate information about evening and university courses. It has since grown to employ more than 200 people and claims to be the largest database in the world of its type, listing more than 700,000 courses.
The company recorded a turnover of £6.5 million in the six months to the end of July 2012 and pre-tax profits for the period of almost £2 million, according to accounts filed with Companies House.
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