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THE receiver of ABC Learning Centres has sold the childcare group’s UK arm for an undisclosed sum.

ABC’s UK business, called Busy Bees Group, was purchased by Singapore-based company Knowledge Universe Education, Chris Honey of McGrathNicol said today.  abc

Mr Honey said Busy Bees Group, which is the UK’s largest children’s nursery group, will continue to be operated by its existing senior management.

“As receivers, we are very happy with the value realised for this business, and are pleased to have sold it to an internationally respected childcare provider,” he said.

He said Busy Bees Group was in a similar situation to ABC’s business in New Zealand, as it was not itself in receivership and had continued to trade profitably.

Mr Honey said the sale of the ABC in New Zealand was progressing well and that strong interest from a number of bidders had led to an extension of the sale timetable.

Mr Honey said no decision had been made yet on a timetable for the sale of the Australian business.

“The ABC Learning centres in Australia continue to trade well, with the focus remaining firmly on providing high quality childcare, driven by the local ABC centre staff at a community level,” Mr Honey said.

ABC, Australia’s largest childcare centre operator, went into administration and receivership in November 2008, owing more than $1 billion.

Source www.news.com.au

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