Shares in ABC Learning, owner of the UK's largest nursery group, BusyBees, have been suspended since 21 August after the company repeatedlyfailed to release its full financial results for 2008 (News, 9 October).The company is believed to owe close to $1bn.
Around 120,000 Australian children attend ABC's 1,100 daycare centres,which employ 12,000 people. The Australian Government will not let ABCLearning collapse because of a shortage of alternative childcare forworking parents.
A statement released by Busy Bees said, 'The directors believe that thislatest development will have no effect on the operation of the Busy Beesnurseries in the UK. The nursery business is currently going through asale process and it is likely that this news will merely accelerate thisprocess, leading to a successful outcome that will further enhance thenursery operation.'
Busy Bees is a financially robust and profitable childcare organisation,with no debt so it is business as usual.'
