News
Cavendish advises on the sale of Construction Learning World
4 October 2007Cavendish Corporate Finance is pleased to announce the sale of Construction Learning World Ltd to Melorio plc for £35m.
Construction Learning World (CLW) is one of the leading providers of on-site NVQ assessment and training to the UK construction industry. Based in Nottinghamshire, CLW was founded by Richard Fielding and Geoffrey Lennox in 1999. Since that time the company has grown significantly, working with national construction employers such as Laing O'Rourke, with Learning Skills Councils around the UK and in partnership with colleges.
The company has benefited from the government's Train to Gain scheme, which was introduced in April 2006 and provides a demand-led source of funding for employers and their employees to improve vocational skills. Construction is a key priority sector nationally for Train to Gain funding because of the recognised skills gap in the industry. It is estimated that 400,000 of the construction sector's workforce require further training to reach NVQ Level 2.
Melorio plc was formed to consolidate the fragmented UK vocational training sector and was admitted to AIM at the same time as completion of its purchase of CLW, its first acquisition. The acquisition of CLW was funded by an over-subscribed placing of Melorio plc's shares on AIM raising £27.5m, and £6.5m of debt funding. Richard Fielding and Geoffrey Lennox retain a shareholding in Melorio plc and the existing management team will continue to run the business.
Richard Fielding, joint owner of CLW, commented:
"The Cavendish team did an excellent job in finding the right buyer for CLW. From the deal's outset through to its highly satisfactory conclusion, we found their advice to be a great help in what proved at times to be a difficult sale process."
[Min Luk], lead Cavendish Director on the deal, added:
''We were delighted to help find a suitable buyer for CLW and to secure an excellent deal for its stakeholders."
Cavendish contacts for further information:
[Min Luk], Director - Business Services
Edward Lethbridge, Associate Director