Sat, 17 Aug 2013 | BUSINESS SALE
Education business Hotcourses could be put up for sale in the near future.
Education Investor has learned that the company, which was co-founded by health secretary Jeremy Hunt, is looking into a sale and has already contacted advisers.
A source close to the matter informed the site that Ingenious Media is advising on the sale and potential buyers from the private equity community have already been approached.
Mr Hunt owns a 49 per cent stake in the firm, while his business partner Mike Elms has a further 43 per cent. The sale could prove controversial due to the politician's involvement. Given the company's estimated value of £30 million, a potential windfall in the region of £15 million could shoot Mr Hunt to the top of the Cabinet rich list.
Hotcourses has declined to comment on the sale but another source spoke to Education Investor and hinted that the business had initially been approached by a single buyer. The attention prompted the business to take a serious look at a sale before opening up the bidding to a wider group of private equity houses, leading to various "evolving conversations" with potential buyers.
Hotcourses was established in 1996 and currently claims to be the world's largest course database with more than 700,000 courses listed from over 27,000 institutions. It operates out of offices in the UK, Australia, India and the US.
Image: Jeremy Hunt
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