7th Jul 2016 07:57
LONDON (Alliance News) - Education consultancy AEC Education PLC on Thursday said it has sold its 55% stake in Malvern House Ireland Ltd to Oscar World Education Ltd in Ireland for EUR660,000.
Malvern House operates an educational college in Dublin and is set to post a GBP241,555 pretax profit for 2015, on revenue of GBP2.9 million.
Oscar World will sign a one-year franchise agreement with AEC to use the Malvern House brand at a 2.5% tuition fee rate.
AEC said the proceeds from the sale will be used to supplement its cash resources and will not impact on any other operations within the group.
AEC Education shares are currently suspended, pending publication of its 2015 results.
By Sam Unsted; [email protected]; @SamUAtAlliance
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