AN Essex foreign language school has appointed administrators from insolvency and restructuring firm CVR Global to manage the affairs of the business.
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016.
CVR Global was formed in 2015 following the management buyout of the business recovery division of Chantrey Vellacott.
The administrators have confirmed they are in talks with a number of parties interested in taking over the school and are working with English UK to minimise disruption to students.
De’ath, based at CVR Global’s Colchester office, said the appointment has come as a result of declining student numbers leading to significant losses, and has warned the school will have to close if a new owner is not found.
“The school continues to operate and we are working with the existing management team to attempt to find a long-term solution for the school to remain open,” said De’ath.
“The school was established in 1969 and historically has a very strong reputation. Unfortunately due to a number of factors, including increased competition in the market, it has struggled with declining student numbers in the last few years.
“All staff continue to perform their roles and students have been made aware of the situation.
“Funding has been secured to enable the school to continue to trade and deliver summer school programmes, however if no one can be found to take over the school it will have to close.
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
UK private investor Endless LLP acquires the high street retailer, saving 840 jobs
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon