CBPE loses out on First4Skills collapse
CLOSE Brothers Private Equity was a major investor in First4Skills, the Ellesmere Port-based training provider that went into administration last week.
CBPE backed a £46.5m management buyout at the business in 2007 when it was called Protocol Skills.
TheBusinessDesk.com understands the firm’s bank, Barclays, called time on the business, appointing Deloitte as administrator on September 21.
A deal was done quickly with a joint venture formed by Liverpool Community College and Derby training provider 3AAA that secured 526 jobs, and the various training programmes. The only part of the business that closed is in Northern Ireland with the loss of 40 jobs.
In a brief statement a CBPE spokesman said: “By working with the banks and the Skills Funding Agency we are pleased that a successful outcome for First4Skills has been found, which both safeguards jobs and secures the future for over 10,000 apprentices.”
The firm had been allocated £19.8m by the Skills Funding Agency this academic year to run apprenticeships but it is understood the business was affected by government cuts and changes to the eligibility criteria for apprentices.
Elaine Bowker, pictured, principal of Liverpool Community College, said of the deal: “This is fantastic news for the city and for the college. As well as safeguarding the jobs of First4Skills’ people, it brings together the best practice of the public sector and the resources of the private sector to create an organisation which will be a market leader in apprenticeship training.
“It will mean we will be able to penetrate a much bigger market more effectively and quickly, which will benefit the college as a whole.”
