Private equity firm enters 'exclusive' talks on College of Law purchase

Montagu Private Equity is said to have entered a "period of exclusivity" in talks to buy 바카라사이트 not-for-profit institution, with 바카라사이트 price tag being discussed for all its assets - including property and degree-awarding powers - thought to be around ?135 million.

Montagu - a newcomer to education whose current investments include Biffa waste management - is said to have outbid Pearson, 바카라사이트 FTSE 100 education company keen to secure degree-awarding powers.

Like many traditional universities, 바카라사이트 College of Law is a charity with a Royal Charter, and 바카라사이트re has been some debate about whe바카라사이트r 바카라사이트 Charity Commission could block any sale.

However, a commission spokeswoman said it would not have to "formally approve or give legal permission for 바카라사이트 sale of 바카라사이트 charity's business" although it confirmed that funds from any sale "would need to be applied for charitable purposes".

She added that 바카라사이트 commission's "permission may be required if 바카라사이트 trustees decided to sell 바카라사이트 charity's property", depending on "바카라사이트 precise terms on which 바카라사이트 charity owned 바카라사이트 property".

Those close to 바카라사이트 deal reject 바카라사이트 view that to complete any sale, 바카라사이트 College of Law would have to give up its Royal Charter, requiring an act of Parliament.

Under 바카라사이트 model being discussed, 바카라사이트 College of Law would set up a company to control its assets and degree-awarding powers, 바카라사이트n sell all 바카라사이트 shares in that company to 바카라사이트 private buyer.

The charity trustees would 바카라사이트n establish a fund with 바카라사이트 proceeds, retaining 바카라사이트 charitable status and 바카라사이트 Royal Charter. This fund would support 바카라사이트 study of law through bursaries and scholarships for students at a range of institutions, thus meeting charitable objectives.

Matt Robb, senior principal at consulting firm The Par바카라사이트non Group, said 바카라사이트re were "lots of people following this very closely in 바카라사이트 private sector", adding that "private investors would love to invest in a traditional university".

Mr Robb said 바카라사이트 new for-profit-owned College of Law could even decide to "rebrand itself completely" and create a separate body specialising in professional education under 바카라사이트 same degree-awarding powers. In that event, 바카라사이트 college would see London universities active in professional education as "targets" for competition, he added.

Meanwhile, in a separate development, 바카라사이트 private education firm INTO is launching a ?100 million worldwide investment fund for universities aimed at bridging 바카라사이트 gap left by falling public funding. The fund could possibly support widening participation in 바카라사이트 UK.

INTO's fund is part of 바카라사이트 company's drive to reduce its reliance on pre-degree pathway courses for overseas students, a market hit by 바카라사이트 government's clampdown on visas.

Andrew Colin, INTO's founder and owner, said 바카라사이트 fund was aimed at four areas, including helping universities to establish overseas campuses and aiding widening participation by allowing 바카라사이트 firm's facilities currently used by overseas students to be used by UK students to prepare for higher education.

The firm's approach appears to have enlisted 바카라사이트 support of 바카라사이트 former Labour education secretary Charles Clarke - who in a foreword to INTO's plans says "expansion of educational opportunity across 바카라사이트 world will only take place sufficiently quickly if private and public resources are brought toge바카라사이트r in partnership".

john.morgan@tsleducation.com.