On the 17th April this year it was revealed that the College of Law has been sold to the private equity company Montagu. The sale follows the strategic review announced by the College in September 2011, although at the time chief executive Nigel Savage denied a sale was imminent.
The £200 million paid for the College will be used to fund bursaries, scholarships and grants for future students as well as being assigned to various charities. Pledging to invest around £7 million per year, Montagu appear to have considered the future of the college and students in their investment plan.
Chief executive Nigel Savage has said of the sale: "The market for legal services is embracing new business models and a change in our ownership structure will enable us to access investment and expertise to take full advantage of the huge opportunities in the domestic and global legal education market."
News of the sale has been welcomed by universities and science minister David Willetts MP who said “This deal will ensure there is a well-funded charity and a successful international higher education business. The Legal Education Foundation will help to achieve fair access to the profession which is a key government goal.”
As reported by Legal Week: