Mon, 20 Jun 2011 | BUSINESS SALE
LearnDirect, the online adult skills training business, has been lined up for a sale by its owner Ufi, a charitable trust set up by the government in 1998.
An auction of the business will be managed by investment bank Rothschild. Up to £50 million could be pocketed by Ufi in the sale, which is to be put back into the charity’s work.
Ufi, based in Sheffield, was set up by the Labour government as part of its intention to create a university for industry.
Since its establishment in 2000, LearnDirect has been used by three million people to improve their maths, English, IT and business skills. Revenues of £140 million were reported at the business for 2010. It has 500 direct employees and another 2,000 people employed indirectly across the country in its centres.
Ten shortlisted buyers are in the race to purchase LearnDirect, one of which is Royal Navy submarine maintenance provider Babcock International.
Babcock already offers vocational and safety training services to firms including EDF Energy and Mitchells & Butlers. Babcock has already expanded its training business with the acquisition of VT Group last year.
Rothschild’s Matt Eatock said, “LearnDirect is an attractive asset given its position in the market and the strength of government support.”
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