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TMCNet: A multi-million pound deal

[October 19, 2007]

A multi-million pound deal

(Nottingham Evening Post Via Thomson Dialog NewsEdge) A Notts-based provider of on-site NVQ assessment to the construction industry has been sold in a multi-million-pound deal.

Corporate finance specialists at Nottingham law firm Freeth Cartwright, led by head of corporate Karl Jansen and Nicole Joynson, acted for the shareholders on the sale of Construction Learning World to Melorio.

The company was formed to consolidate the fragmented UK vocational training sector and was admitted to the Alternative Investment Market (AIM) at the same time as completion of this, its first, acquisition.

The acquisition of Construction Learning World, based at Langley Bridge, near Eastwood, was funded by an over-subscribed placing of Melorio's shares on AIM raising GBP27.5m, and GBP6.5m of debt funding from Barclays.

Founded by Richard Fielding and Geoffrey Lennox in 1999, Construction Learning World has grown significantly, working with national construction employers such as Laing O'Rourke, Learning Skills Councils and in partnership with colleges.

The company has worked with the government's Train To Gain scheme, which was introduced in April 2006. It provides a demand-led source of funding for employers and employees to improve vocational skills.

Construction is a key priority sector nationally for Train to Gain funding.

Melorio's executive chairman Adrian Carey said: "Melorio is very well placed to participate in the consolidation of the fragmented UK vocational training sector.

"In Construction Learning World we have acquired a market-leading business with a proven management team and strong organic growth prospects." Both Richard Fielding and Geoffrey Lennox retain a shareholding in Melorio and the existing management team will remain in place.

Mr Jansen said: "Richard and Geoff have built the business from a standing start and through strategic and operational finesse have truly been the authors of their own success."

Copyright 2007 Northcliffe Newspapers Group Ltd, Source: The Financial Times Limited

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