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Posts Tagged ‘purchased’

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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WA property tycoon Nigel Satterley has vowed to defend legal action against the Satterley Property Group by a group of Secret Harbour families who claim thenigel Satterley company mislead them over the location of the Mandurah road and rail. 

The group of nine families lodged their writs in the Federal Court this morning claiming they were the victims of a breach of the Federal Trade Practices Act and a breach of contract.

The families claim they were not told about the realignment of the Mandurah road when they purchased their blocks.

They claim the omission resulted in the busy road being metres from their doorsteps, and that they were misled about the close proximity of the Mandurah railway.

The residents are being represented by high-profile lawyer John Hammond.

Mr Satterley said the allegations against Satterley Property Group would be strongly defended.

Source www.thewest.com.au

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