A very positive meeting was held this evening at Abbots Bromley Community centre with over 75 parents in attendance despite some initial fears that the meeting may be negative.
However, tonight was the best of Abbots Bromley and parents rallied around the school and were updated on the current facts surrounding the school sale and some very important facts were put into the public domain and some very good questions asked of the parent panel.
The Parent panel explained they were asked to form a group to look at alternative plans should the original plan not proceed, The Parent plan B panel has full support and confidence of the school and are acting on its behalf to explore all options.
The Parent panel also explained that they have also been assisting where possible to offer insight and expertise in regards to the original deal.
May i thank members of both Parent Panel A and Parent Panel B for all the support and dedication you are offering to Abbots Bromley School, The parents and the children.
The current deal and where this stands as of today
The current deal is still on the table and the hold-ups on the deal related to 2 key points.
The points which were holding up the deal were:
- Regulatory compliance- Due to UK money laundering law it is a requirement for the buyers to prove the source of the funds and how they made that money, this was subject to a small delay as the documents were supplied in Mandarin, this has now been received and accepted so this hurdle is now completed.
- There were some issues surrounding the deposit payments should the Department of Education not issue a licence for the school, these issues are now very close to being resolved.
As things stand the current barriers to the exchange of contracts are now in the final stages and it was suggested within the room this could well be as early as next week, this, however, is not an official deadline so maybe flexible.
We learned some fantastic positives this evening these included:
- Heads of terms have been finalised and agreed
- Proof of funding has been provided
- The proposed investors have a proven track record within education
- The investors have already had meetings with school staff and heads of years to discuss the curriculum for next year.
- The investors love the school and want to enhance its current offering and subjects such as Equine will be protected.
- Other subjects such as Maths and Science will have large investment and resources.
- Investors have already been recruiting students for the new term
We also learned some other VERY important facts.
- The current investors were approached prior to the official school announcement and the seeds were sown on making a deal, prior to the announcement of the closure.
- The Exclusivity period for the current investors has now expired, this means other buyers can now make an offer.
- Savills Commercial have been appointed by Woodard with the view of handling the sale to any buyer, Savills have been instructed to sell the school as a Property transaction rather than as a School business.
- The original investors do however remain committed to wanting to purchase the school and the staff and parents in both the PLAN A and PLAN B group are assisting on this outcome.
One thing the entire room agreed on was the very poor communication throughout the entire process, this has only heightened parents worries and fears and the parents recognised this needs to change and as a group now we will all work collectively to inform parents more frequently with updates being provided on a weekly basis where possible.