Service: Valuations | Sector: Education | Contact: William Ray
The Challenge
As part of the proposed merger between East Sussex Coast and Sussex Downs College, we were appointed to undertake valuations – including consideration of both existing and alternative uses – of five further education colleges. The valuations were to be relied upon by the college, Barclays Bank (which had security over the assets) and the Transactions Unit, which was providing restructuring facilities.
The Solution
We undertook valuations of all college properties including valuing potentially surplus land. A material consideration was the alternative use value of the properties which informed Barclays’ and the Transactions Unit’s security.
The Result
We successfully reported to all three parties providing the college group the information required to facilitate the proposed merger. The total value of the assets was over £40 million. The colleges have since merged and are now consulting on their plans for the future.
The GE knowledge bank ‘about the sector’ is already very large and growing with every assignment. They are able to bring ‘cross referencing’ from across the FE landscape but also from the HE world where similarities and differences can be illuminating. They have worked across differing geographies, appreciating the socio-economic and political contexts and inevitable impacts upon what is ‘deliverable’ and what ‘numbers’ can be ascribed.
David Smith; FE and HE Adviser and former Skills Funding Agency Director (SE), LSC Area Director, Pro-Vice Chancellor (Canterbury Christ Church University) and Director of WorldSkills Engagement, AoC.
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