Global learning and skills development business Malvern International is closing its operations in Singapore, which it said had been loss-making for some time.
Malvern International said that the Covid-19 pandemic had pushed its operation in the city-state over the edge and it was unlikely to turn a profit in the medium term.
Students enrolled at its institutions in Singapore will either be taught to the end of their course over or transferred to other institutions over the next few weeks, the business said.
Malvern International’s unaudited net losses for last year were expected to be SG$1.34 million on revenue of SG$3.14 million, according to Stock Market Wire.
Mark Elliot, chair of Malvern International, said: “It is obviously disappointing to close our activities in Singapore but the operations there have been loss making for some time and, now due to impact of Covid-19, we can’t see Singapore turning a profit in the medium term.
“We believe the group’s resources are therefore best focused around the group’s strongest performing schools in the UK.”
In the UK, the group’s operations in Manchester and London are scheduled to open on 10 August while its school in Brighton will open in September.
Malvern International said bookings have commenced and university pathway bookings are in-line with expectations.
Last year, Malvern International entered a loan agreement of more than $8 million with Boost & Co for working capital purposes, to repay shareholders and to fund business development.
The business, which started in Singapore in the mid-1980s, delivers language courses in the UK and Singapore with the option of studying across multiple campuses and online.
Courses include diplomas and pre-university programmes, tuition services, corporate training and degree courses.
Over 50,000 students from over 120 different countries have studied with the provider over the past 30 years.
Date published: 5 August 2020