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Nord Anglia - Nursery acquisition

October 2003

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • NAE
Nord has expanded its fast growing nursery business, through the £3.2m acquisition of Petits Enfants, a chain of nine nurseries, based in the South and South West of London. In the year ended 31March, Petits Enfants made an operating profit of £0.26m from turnoverof £3.37m, implying a cost per place of £6k.  This comparesfavourably with the £13k per place that Just Learning paid for CareShare recently.  Clearly Nord will be aiming to drive PetitsEnfants' 65% occupancy rates towards the 80% that its own mature unitsenjoy.  The deal is being financed through a 1-for-11 placing andopen offer at 180p a share to raise £9.3m net of expenses.  Thebalance of the proceeds will be used to fund organic gro ...

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