Prospects Press Release: Prospects, the market-leading education, employment and skills company, has acquired Optimus Education. Prospects, who entered the educational resources, school improvement and awards sector more than 15 years ago takes ownership of Optimus Education from 1 November 2016. Optimus Education was founded in 1997 to help primary and secondary school leadership teams manage staff development efficiently and effectively, stay compliant and drive whole school improvement through a variety of conferences, events and training resources.
Andrew Thraves, Director of Education for Prospects, says: “I am delighted that we have acquired Optimus Education. I’m equally pleased that Optimus Education has chosen us as their new home.”
Andrew added: “Together we’ll be in a great position to provide schools and multi-academy trusts an even more comprehensive ‘one-stop-shop’ offer. The government talks about the importance of a school-led system as central to raising standards. By joining forces we will offer school awards and curriculum resources, in-school consultancy and training, and high-profile conferences and events for teachers and senior leaders intended to identify, showcase and help embed good practice and ‘what works’. Acquiring Optimus Education enables Prospects to provide education providers with the complete package.”
Julian Turner, Chief Executive of Electric Word plc stated, “We are delighted that Optimus Education will be joining Prospects after 16 years as part of Electric Word. It is good news for both businesses and for our many customers among UK schools. We wish the staff and business every success for the future.”
Nick Bell, Chief Executive of Prospects comments: “We are delighted to welcome Optimus Education colleagues into the Prospects family. As one of the largest employee owned companies in the UK and a Leader in Diversity, we are committed to offering those that join us the opportunities to innovate and drive our business forward.”
Electric Word Press Release: The Directors of Electric Word plc are pleased to announce the sale of the Company’s subsidiary, Optimus Professional Publishing Limited (“Optimus”) to Prospects Education Services Limited (“Prospects”).
Optimus is part of the Education division of the Company and provides live events and online training for leaders in UK schools to support staff development and school improvement.
Consideration comprises £1,512,501, which has been paid in cash on completion. A cash balance of £613,113 was left in the business. Both the consideration and cash left in the business are subject to adjustment through a completion accounts process at a later date.
In the year ended 30 November 2015, Optimus made a loss before tax of £1,019,649 (which includes a charge of £725,588 towards Company central overheads, and a management charge to the Company of £177,500) on turnover of £2,908,112. The value of the gross assets of Optimus at 30 November 2015 was £2,306,398.
The Directors are grateful to the employees of Optimus for their hard work in recent years. The Directors regard this disposal as an important step towards simplifying the Group, reducing operating losses and the risks arising from an investment intensive business, and support the Group’s ability to make a capital return to shareholders. The Board continues to review the options available to them.
Julian Turner, CEO of Electric Word plc, says: “We are grateful to the employees of Optimus for their hard work and are delighted that Optimus will be joining Prospects after 16 years as part of Electric Word. It is good news for both businesses and for our many customers among UK schools. We wish the staff and business every success for the future.”
Nick Bell, Chief Executive of Prospects, comments: “We are delighted to welcome Optimus Education colleagues into the Prospects family. As one of the largest employee owned companies in the UK and a Leader in Diversity, we are committed to offering those that join us the opportunities to innovate and drive our business forward.”
This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Notes to Editors
Electric Word plc is a specialist media group supporting professionals in the fields of Sport and Education, largely through digital subscription services and bespoke research and consultancy. Our aim is to provide our customers with decision-critical data and market-leading analysis and expertise.
Prospects Education Services Limited is part of the Prospects Group which provides tailored education, employment, training and care products and services for people at all stages of life. Each year Prospects inspires more than 500,000 people to develop their potential and transform their lives. More than 1,400 professional and skilled colleagues provide practical support to the local communities they are based in across the UK and internationally. Prospects is one of the largest employee owned companies in the UK. It is also a Leader in Diversity and ranked in the top 100 index by the National Centre for Diversity.