Closure Announcement Governors Woodard Corporation

Savills Response to offer

As many will be aware we yesterday published the terms offered to us by Richard Morse the chairman of Woodard as we felt this was in the public interest to disclose the terms offered to us.

We must remember that Woodard are a charitable organisation and therefore the actions they undertake must be held to account.
Having met the terms of the offer made to us by Richard Morse chair of Woodard we could not foresee any reasons this reason would be rejected.

However we have now had the damming confirmation that this offer has been rejected and blocked by both Woodard and the Abbots Bromley School council members.

The reasons for rejection are set out in the below email, we again choose to publish in the public interest:

This is particularly important as this confirms that both Woodard and the Abbots Bromley School council rejected this offer, it also states that running as a school is no a longer of concern to either party. Also by stating they have no intention to allow the ABSL company to be used this kills dead any deal to reopen in 2019 as the ABSL company is essential to DFE licences and also Tier 4 Sponsorship for international students.
As with any business purchase an offer is accepted, and then once accepted the know your client checks would be undertaken, we provided assurances within the offer made to Savils and Woodard that all KYC work was already in hand, this is merely bluster designed to beef up the rejection. We proposed a deal that would have met all legal requirements at this stage and the information stated as a barrier by Savills would normally be crossed after the offer was accepted.
Again this is a very important part of the email, as this outlines the real motivating factor in the consideration of offer, We must remember that the terms offered to us by Woodard from the chairman were met by the investor, only once the offer was made have the goalposts now changed and the offer has become a “Significantly higher one”
No investor in the world would entertain an offer being made on one set of terms to then have the price change once the offer had been made.


Email response

A full response to the Woodard and Abbots Bromley School council (Governors) decision to reject the offer made which met the terms provided to us by the chairman of Woodard Richard Morse will be published in due course.

We must remember some very key points whilst digesting this information:

  • The parent group met the exact terms offered to us by Richard Morse, Chair of Woodard, this has been rejected by both Woodard and the School governors.
  • Richard Morse the chair of Woodard shares business interests with Jeremy Helsby who is a senior board member of Savills Plc.
    You can read more about this below:

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