The Governors of The College of Law have undertaken a comprehensive Strategic Review. As a result of this, the College’s legal education and training business is being separated from its on-going charitable activities. The Governors have agreed the sale of the legal education and training business, which will continue to be known as The College of Law, to leading European private equity firm Montagu Private Equity under the terms of a conditional agreement. One branch of the College of Law is based in Bristol.
The proceeds of the sale will create a significant fund of approximately £200 million with which the charity – set to be renamed The Legal Education Foundation – will further its charitable object to promote the advancement of legal education and the study of law for future generations of students. This will be achieved via bursaries, scholarships and grants. The Legal Education Foundation will be one of the largest independent educational charities in the UK.
Montagu Private Equity is one of Europe’s leading private equity firms. Montagu Private Equity will acquire the entire legal education and training operations of the College related staff, and contractual commitments with law firms, as well as “The College of Law” brand and the professional accreditations and Taught Degree Awarding Powers. The College of Law will continue to award its existing qualifications and seamlessly maintain the operation of the College for all clients, students and staff. Montagu Private Equity is supporting the existing management team, led by Nigel Savage, and the staff of the College.
In addition to supporting the continuity of existing business operations and teaching activities, Montagu Private Equity is committing to establish a College Scholarship Fund with an investment of £2 million for the benefit of the College’s students and will also place 2% of the fully diluted share capital in the ultimate holding company of Montagu Private Equity, as at completion of the sale, into the scholarship fund.
The College of Law is sure that this will mean that it is even better placed to focus on providing legal education of the highest standards. The College’s business, people, centres and services will remain unchanged in the short term and, over the medium term, will be enhanced as a result of these plans for the future development of the business.