A new academy chain set up by a pair of finance magnates has ambitions to run one in ten of England’s schools.
Investment banker Nigel À Brassard and equity magnate Edwin Richards have set up Clarendon Academies, in the hope it could sponsor as many as 2,000 schools.
The academies will be owned and managed by a charitable trust. But Clarendon will also establish a business, which will provide the academies with a range of educational services for a fee. These include teaching services.
Clarendon is also promising a ‘John Lewis’-style partnership, in which staff will hold shares and receive an amount of any surplus the group generates. The group’s directors argue that this scheme will give staff an incentive for ensuring the schools succeed.
Richards said: “There’s absolutely no reason why the model won’t work. Better quality teachers will be attracted to Clarendon schools, and this will encourage parents to choose us.”
Brassard is the chairman of Four Elements Capital, an investment bank with a focus on the clean-tech and environmental markets.
Richards spent most of his private equity career with UBS Capital, where he was a partner. He now runs his own business providing advice and investment to UK SMEs.
You can read more analysis of this story in the May edition of EducationInvestor, published next week