ABC Learning may be forced to sell two UK nursery chains [UK]

EXCERPTS

ABC Learning, the Australian educational group, may be forced to sell its Busy Bees and Leapfrog nursery chains. The two chains combined operate 133 nurseries in the UK, 11 of which are in London.

ABC has been hit by a debt crisis and its directors have recently sold off £24.5m worth of shares. ABC took over Leapfrog and Busy Bees in 2006 and had other ambitious expansion plans in the US, which may have helped to cause the debts.

The nursery chains are likely to gain interest from private equity and hedge funds.

ABC have appointed Goldman Sachs JBWere to act as their administrator. It is thought the two nurseries have a combined value of £140m.

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- reprinted from the Business Sale Report