Advisers score with £40m learndirect deal

NORTH West advisers played a key role in the £40m sale of Sheffield-based learndirect to private equity firm LDC.

Investment bank NM Rothschild’s Manchester office was sole financial adviser to the Ufi Charitable Trust, which trades as learndirect.

Rothschild directors Greg Cant, Matt Eatock and Oliver Hoenich advised UCT for more than two years to sell the business, which is the largest provider of government-funded adult skills and training in the UK.

Cant said: “This was an interesting and challenging transaction and we are delighted to have achieved such a great outcome for UCT.”

Last year  learndirect delivered courses to more than 76,000 unemployed individuals to give them the skills they need to get back into work.

Corporate partner Roger Hart led a team from law firm Addleshaw Goddard’s Manchester office which also included legal director Shelley McGivern, charities partner Pervinder Kaur and corporate associate Nicola Brookes, which advised UCT.

Hart said: “We’ve been working on this transaction for nearly two years and it’s great to see it happen – both for the future of learndirect, which is a national asset, and for UCT, an educational charity which can put the sale proceeds to further great use”

Deloitte’s transaction services team led by Manchester-based partner Jodi Birkett undertook financial due diligence.