spencer Group

 
 
Remember me:
Skip Navigation LinksEI article
Redstone sells £150m BSF contract for just £4.2m

ICT firm Redstone has disbanded the unit responsible for its Building Schools for the Future work, and sold its contract in Birmingham for less than 3% of its value.

The company had harboured ambitions of taking a 10% share in the BSF market. And in February last year it won a 15-year deal to deliver computer services to Birmingham schools. The contract was thought to be worth £150 million.

But the programme was cancelled last July. And Redstone has struggled through the recession, with revenues dropping by 20% in the year to March.

Now the company has sold the Birmingham contract to lead contractor Bovis Lend Lease for just £4.2 million.

Following this decision Redstone confirmed that its I4E division, which had been set up to manage the contract in Birmingham and seek further BSF work, would now be disbanded.

Tony Weaver, Redstone’s chief executive, said: “We are pleased to have completed the first part of our strategy of refocusing Redstone’s operating activities within the sphere of its core competencies.”

 


Posted on: 05/10/2010




Latest news

22/05/2015
Boston’s Sandbox Partners has acquired Family Education Network (FEN) from Pearson for an undisclosed sum.
22/05/2015
Staffline, the staffing and training firm, says it is trading well after its acquisition of A4e in April.
21/05/2015
The World Bank Group has said it will double results-based financing for education to $5 billion (£3.2 million) over the next five years.
21/05/2015
Sales at China Distance Education Holdings climbed from $18.2 million to $22.3 million in the second quarter, according to the firm.
20/05/2015
Singapore-based EtonHouse Education Group has expanded in Shanghai by establishing its third international preschool in the city.
20/05/2015
Vikki Smith has become vice president of business development at Kaplan International.
20/05/2015
Singapore-listed Yoma Strategic Holdings has struck a deal with Education Index Management (EIM) to design, build and operate a premium international school in Myanmar.
20/05/2015
RM Education, the educational IT and resources group, has announced its chief financial officer Iain McIntosh will step down by the end of September.
19/05/2015
Malaysia’s sovereign fund, Khazanah Nasional, has launched a 1 billion ringgit (£180.5 million) bond programme to fund education projects.
19/05/2015
Private equity firm Sovereign Capital has promoted Neil Cox and Jeremy Morgan to partners.


DAC Beachcroft

Features and analysis

Coder camps are a red hot ed tech trend in the US and catching on fast in Europe. Investors are now taking a closer look, finds Rob Buckley.

The collection and analysis of data in education could revolutionise learning. Ed tech firms must take note, argues Microsoft’s Mark Stewart

Data analytics firm Arbor Education has taken English schools by storm, but can it realise its global ambitions? Sunniva Davies-Rommetveit investigates.

University rankings systems play a pivotal role in student acquisition, but not all have been created equal. Ian Koxvold of Cairneagle Associates surveys the landscape

Schools looking to set up in the UAE have a number of financing options available to them. Collier’s Mansoor Ahmed provides a breakdown

With its growing pathways, early years and private college sectors, Australian for-profit education is on the up. Julian Hall looks at the key sectors and players.

UCFB combines two of Britain’s biggest exports: football and education. But can it achieve its ambitious growth targets, asks Kirsten Noben

Recruitment businesses in the education sector are branching out and attracting the attention of investors. Marcus Archer of Clearwater International takes a closer look