Workforce Holdings to acquire Chartall Business College for R34.88m
IOL - COMPANIES / 22 JANUARY 2020 - 07:30 / SANDILE MCHUNU
DURBAN - Investment holding company Workforce Holdings is set to acquire Chartall Business College for R34.88 million to further grow and diversify its training cluster.
Chartall Business College was established in 2012 and is recognised as an innovative provider of education and training, mainly servicing the corporate market, with a focus on the financial services industry.
File image: IOL
The JSE-listed firm on Tuesday said it would the entire issued share capital of UEG, the sole shareholder and holding company of the college and done a deal with Kevin Boyers,
Uni Education Group and Karen Deller for Chartall Business College.
“Through the acquisition, Workforce’s training cluster gains exposure to the financial services market and is also able to offer its existing clients training qualifications that meet their requirements for bursary spend in terms of the latest broad-based black economic empowerment (B-BBEE) codes,” Workforce said.
Workforce said Chartall Business College differentiated itself by using online platforms to deliver its training interventions and having a specialist focus on recognition of prior learning and to this end it has developed proprietary intellectual property.
“Chartall Business College is registered with the department of higher education and training as both a higher education institution and a private further education and training (FET) college and is also fully accredited with Bankseta,” the group said.
The acquisition was subject to a number of conditions, which included the delivery by the seller to Workforce of the annual financial statements of the group for the year to end December and meeting the approval of both boards approving the purchase and sale agreement.
Workforce said the first payment of R13.95m was payable on the 30th day following the fulfilment of the conditions.
The value of the net assets of Chartall Business College was R6.85m at the end of December the unaudited profit after tax attributable to the net assets was R6.98m.
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