The Sunday Times says that Montagu Private Equity will pay £200 million, business and charity will be split
UPDATE 17 April 2012: The College’s sale to Montagu has been confirmed; see this post.
Today’s Sunday Times reports (paywall) that the College of Law has entered exclusive negotiations to sell itself to Montagu Private Equity for around £200 million, with Pearson and Providence Private Equity having been out-bid.
The College’s charitable trust status would be addressed by spinning the business out of the charity, with the sale proceeds going into the charity to fund law student bursaries at the College. Which would mean that Montagu Private Equity would ultimately receive the consideration it pays back as bursary fees…nice work.
Despite being a charity, the College pays its Chief Executive a remarkably large salary.
BPP, the main competitor to the College, is already owned by private equity.
See also: If you think UK law schools are factories churning out lawyers for whom there are few jobs…
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