The acquisition will be seen as a positive sign that despite economic uncertainty banks and other investors are willing to back the nursery sector.
Nunu's board has recommended that the company be sold to Just Learning at the agreed price of £7,202,084. Shareholders will vote on the deal at a meeting on 28 September, with the sale expected to complete on or around 20 October.
Just Learning has 64 nurseries across the UK, including settings in Scotland operating under the Careshare brand, offering around 6,028 places. The company's majority shareholder (around 89 per cent) is private equity firm Alchemy.
Plans to sell Nunu's ten nurseries were underway last year, but an unnamed bidder pulled out at a late stage, incurring the company costs of £236,298, a statement from the company announcing the sale reveals.
Register now to continue reading
Thank you for visiting Nursery World and making use of our archive of more than 35,000 expert features, subject guides, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's included
-
Free access to 4 subscriber-only articles per month
-
Unlimited access to news and opinion
-
Email newsletter providing activity ideas, best practice and breaking news
Already have an account? Sign in here
