Mr Fallon explained to a seminar in London at the end of May that Just Learning had a number of strong selling points. 'We are making a profit every year in each of our nurseries. Most are freeholds rather than short leases, so the assets are there.
'We have a very devolved management system where the managers deal with nursery staffing and set fees, subject to approval, and are responsible for turn-over, so we manage to have very low head-office costs. We also have a very strong development pipeline, with 20 to 30 new nursery sites lined up.'
As a result Just Learning, now the UK's fifth largest nursery chain, struck a 30m deal with Alchemy, with 22m for the founding shareholders and 7.5m made available for expansion. Mr Fallon retained a 10 per cent stake, while Alchemy took on 85 per cent and 5 per cent was made available for nursery managers, who are subscribing for their share allocations this month.
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