Inflexion reflection leads to Hunt dejection
Inflexion Private Equity has abandoned plans to acquire the education course listings business owned by Health Secretary Jeremy Hunt and former adman media director Mike Elms
The company was expected to fetch £35 million, netting Hunt, who is understood to own a 49% stake in the company, £17 million. But Inflexion’s due diligence seems to have thrown up a few, um, problems.
Perhaps one might be that in the six months to 31 July 2012, Hotcourses had a turnover of £6.5 million. This was a fall of fully 32% on the same period in 2011. And in 2013, I understand, the turnover fell over 50% to £4 million. Gulp.
Hunt and Elms began scrabbling around looking for a buyer last August. Inflexion seemed hot to trot, but now they’re not.
Only one reaction can sum up our sympathy re this one.
Jezzer hoped for the seal of public approvalInstead, he got the public approval of the seal
The Slog 