We aim to engage in a very confidential process from the outset. We have completed the purchase of a school inside 8 weeks.
Here's a summary of the process we usually follow in purchasing a school:
Introduction- Cognita has purchased many schools, both proprietory held and in trust
- We engage in a confidential process
- Cognita's access to capital means no third party funds are required to complete transactions which results in a swifter, more certain and more confidential sale process
- The Seller usually approaches Cognita either:
- Chris Woodhead, Chairman
- Rees Withers, Chief Executive
- We arrange a confidential and informal meeting to:
- Discuss reasons for sale, thoughts, concerns
- Discuss how any sale process might work
- Provide information about Cognita, its plans, schools, people and its investors
- Agree to follow up meetings, usually out-of-hours at the school, leading to:
- An agreement to proceed or otherwise
- Parties signing a confidentiality and exclusivity agreement
- Seller provides more detailed information on the school
- Cognita introduces an independent valuer/surveyor at own cost
- Cognita indicates its offer to the vendor in writing, which is subject to the next step, 'due diligence'
- Parties appoint lawyers
- Cognita's accountants are introduced to the seller's accountants
- Details get exchanged between these parties to verify and review accounts, title, contracts, school data etc
- Cognita reviews summary reports provided by its advisors and confirms consistent with expectations
- Lawyers draft a sales and purchase agreement
- Contracts are exchanged
- Sale closes and ownership changes hands
