Livingstone Cooks Up a Tasty Exit...
January 2006
The Hotel and Catering Training Company (‘HCTC’), the largest private sector provider of Government - funded vocational training in the hospitality and catering industries, has been sold by ECI Partners (‘ECI’) and management to VT Group plc (‘VT’) in a £10 million deal.
ECI backed an MBO at HCTC in mid-1998, providing both Board and operational support, enabling HCTC to increase revenues and expand its market share by securing business from many of the largest employers in the sector. With the board and management team keen to significantly expand the business further, Livingstone was asked to assess the strategy for the future development of the business – a task that resulted in the identification of VT as a possible partner for the business. Thereafter, Livingstone advised the shareholders and assisted in the negotiations with VT.
Alex Sheffield, director at Livingstone, says: “The combination of HCTC’s business with VT’s existing hospitality training business makes excellent sense for both companies, creating the UK’s largest private training provider in the sector.”
HCTC is based in London, with 21 offices throughout the UK. The company supports approximately 8,000 learners a year to achieve valuable vocational qualifications and skills. Revenues for the year to July 2005 were c. £14 million.
Simon Cope-Thompson, partner at Livingstone adds: “We are delighted to have worked with ECI and the excellent management team at HCTC on this important transaction.”
For futher information contact:
Simon Cope-Thompson
T: +44 20 7484 4706
E: sct@livingstonepartners.co.uk
