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First deal for Woodspeen Training

publication date: Jun 1, 2008
author/source: Ed Tranham

Woodspeen Training – the Plus market business in which ex-BPP CEO Charles Prior has a 22.3% stake – has completed its first acquisition in the UK vocational training sector. Woodspeen will pay up to a maximum of £2.762m for Futures Training Centres although the initial consideration is only £1.15m, comprising £650k cash, £100k convertible loan notes and 800,000 new shares at 50p per share.

Brighton-based Futures delivers computer-based vocational training courses to adults in the UK, almost exclusively under the government’s LearnDirect and Train to Gain programmes. These programmes represented 95% of the company’s revenues for the financial year ended 30 September 2007. Futures is currently negotiating the extension of its government-funded contracts which expire in August this year.

Woodspeen’s stated aim is to create a substantial UK vocational training business principally by acquiring existing businesses that provide government-sponsored and privately funded vocational training. Government funding of Train to Gain is expected to rise to over £1bn a year by 2010-11. The Futures acquisition will reduce Woodspeen’s recently raised cash pile of £2.75m.

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