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Foundation Investment Partners Acquires Strictly Education
Strictly Education, a Milton Keynes-based provider of outsourced payroll, HR, IT, property and other services to state schools in England, has been sold by its listed parent in a multimillion-pound deal.
Bond International Software has completed the sale of its wholly owned subsidiary, which also has offices in London and Barnsley, South Yorkshire, for a total sum of £11.3m.
The business was acquired by Education Services Solutions Ltd, a newly formed company.
In the year to 31 December 2014, Strictly Education made a pre-tax profit of £1.8m on revenues of £10.2m.
Bond International Software announced in February that it was in active negotiations to sell one or more of the company’s divisions. The decision was made following a strategic review of the group.
The AIM-listed group said it plans to continue pursuing its strategy of selling one or more of its operating divisions to maximise value for shareholders.
The net proceeds of the sale of Strictly Education will be used initially to repay the group’s bank debt of £5.9m and the surplus will be returned to shareholders in due course.
Chief executive Steve Russell said: “Following the conclusion of the strategic review, I am pleased that we have been able to conclude the first of our disposals designed to maximise shareholder value.”
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