Ryecroft Glenton Corporate Finance has advised on the sale of education staffing business, Classic Education, to AIM-listed Servoca plc. Servoca plc is a specialist recruitment and outsourcing solutions provider. The acquisition of Classic Education supports Servoca plc’s stated strategy to grow its existing Education recruitment business, by giving it access to a new geographic area with high levels of demand, but where Servoca does not currently have a presence.
One of the largest, independent education staffing companies in Kent, Classic Education was founded by four shareholders, including joint Managing Directors Sue Flesher and Mandy Day, in 2005. Sue Flesher and Mandy Day, are being retained by Servoca plc to lead the future growth and development of the business, along with the existing staff.
The company, which operates from offices in Gravesend, Kent, places primary and secondary school teachers on a temporary and permanent basis. Classic Education is a member of the REC and held accreditation with the former Department for Education, Schools and Families Quality Mark having achieved 100 percent in its assessment.
Advising on the sale of Classic Education, on behalf of its shareholders, were Carl Swansbury and Alex Simpson from our Corporate Finance department. Legal advice was provided to the shareholders by Brachers Law.
Servoca plc was supported in its acquisition with legal advice from Mills & Reeve.
Andy Church, Chief Executive Officer of Servoca plc, said: “We are delighted that Classic Education is now part of Servoca. This acquisition complements our existing branch network in education and gives us a local presence in the Kent and South London market, an area with significant demand for education recruitment services. The acquisition of a long-established local provider in this area increases our national branch network coverage. In total we now have 15 UK locations and one overseas office from which we service local schools. We look forward to working with the staff and management that have helped build the business into one of the leading providers in the area”.
Sue Flesher, Managing Director of Classic Education, said: “As part of Servoca plc, Classic Education has the opportunity to strengthen its position in the market and enhance the excellent levels of service we currently provide to our clients and candidates. Mandy and I are very proud of the success we have achieved for Classic Education and look forward to working with the team at Servoca plc to deliver continued growth.”
Carl Swansbury said: “Classic Education has become well-established in its sector and it will become a valued part of the Servoca plc education staffing business. The growth of Classic Education is testament to the drive and determination of Sue, Mandy and their team who will have an important role to play in taking the business forward.”