“In a letter addressed to parents last week, the school’s CEO Apiwat Ourairat stated that an MoU [Memorandum of Understanding] had been signed with Nord Anglia over a potential lease of the operating entity of the school,” Mr Barnett reported.
The letter stated that due diligence was taking place and the outcome was currently under negotiation, he added.
“It was clarified that the school ownership would remain with the current company and that a portion of funds from any potential lease would be reinvested in a significant upgrading of the facility,” Mr Barnett reported.
Nord Anglia is a global firm focused on international institutions with 42 located across the globe. In Thailand their network includes St Andrews International School Bangkok and Regents International School Pattaya.
Other Asian operations are located in Hong Kong, mainland China and Singapore, while on a broader basis their footprint covers the US, Switzerland, Spain and the Middle East.
Nord Anglia, founded in the UK, is now headquartered in Hong Kong and listed on the New York Stock Exchange.
“The Phuket international schools market is continuing to grow as was reflected in C9 Hotelworks report recently and the attraction of large international groups is a plus given positive investment sentiment is indicated for the sector,” Mr Barnett noted.
Read the original C9 Hotelworks story here.
Read the C9 Hotelworks’ Phuket international schools report here.