Acquisition part of plan to become one of the market leaders in vocational training
Woodspeen Training plc took its first steps into the vocational training market today, with the acquisition of Futures Training Centres Limited.
In a deal worth over £2.76 million pounds, Woodspeen agreed a reverse takeover to purchase Futures, a Brighton based vocational training provider of Learndirect and Train to Gain programmes.
Charles Prior, Executive Chairman of Woodspeen, explained, “The government is investing in vocational training and it is a buoyant market at the moment. Futures has been providing skills training to adults under the Learndirect programmes in various towns in the south coast and in the midlands. Futures was the best company available to acquire with a very strong management team, and we are confident that they can expand the business geographically.”
Trading in London based Woodspeen has today been suspended whilst the company seeks shareholder approval, with trading expected to resume next Monday, 21st April 2008.
Mr Prior continued, “The acquisition of Futures today is our first acquisition in the vocational training market and represents a 25% growth of our business. Our strategy over the next six months is to attract more investment through institutional investors and venture capitalists, towards developing Woodspeen into a £50 million pound organisation with margins of 15 percent. Whilst we might not become the market leader, we hope to become one of them.”
According to Mr Prior, staff at Futures have reacted very positively to the news of the announcement and there will be no job losses.
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