Close Brothers Private Equity announces that it has today acquired Accountancy Tuition Centres Limited ("ATC") from BNB Resources Plc for £11m

ATC is one of the UK’s leading tutors of trainee accountants with a network of 17 centres across the UK and in Eastern Europe.

Close is backing a Buy In / Management Buy Out team led by incoming Chief Executive, Richard Glover and ATC's current Managing Director, Peter Anderson. Paul Lever will become Non-Executive Chairman. Paul Lever and Richard Glover have known each other since the early '90s when they were respectively Chairman and Managing Director of BSM Group Plc.

The team's strategy is to broaden ATC's service offering to its blue-chip client base by expanding its range of non-qualification tuition. Significant efforts will be expended towards developing the Company's on-line tuition capability.

Commenting on the deal, Richard Glover said:
"ATC is the ideal brand from which to build a successful niche training business. Its client base is top-notch and they are looking for partners to provide a one-stop shop in their specialised field as the trends towards outsourcing of non-core activities, such as professional training, cont-inue. That is what we will aim to achieve."

Peter Anderson added:
"Becoming an independent business allows us scope to branch out into new fields and give our customers more of what they are looking for. This is a great opportunity for us."


Simon Wildig, Partner at Close Brothers Private Equity, who will join ATC’s Board as a Non-Executive Director commented:
"We think professional training is a business of the
future and have had recent success in the field with our investment in Oxford Aviation. ATC is very well respected in its field and there is pent-up client demand for new products. The team, led by Richard Glover and Peter Anderson, has an ideal blend of embedded customer knowledge and the ability to grow the business. We are excited at the prospect of working with them in building a specialised training group."