The College of Law today dismissed as 'speculation' newspaper reports of its imminent sale to a private equity firm.
According to The Sunday Times, the UK’s largest law school has accepted a £200m offer from Montagu Private Equity. News of a sale had been long expected, with other potential suitors including media giant Pearson and Providence Private Equity.
Montagu’s previous investments include buyouts in firms ranging British Car Auctions to Marlow Foods, the maker of Quorn. The firm’s website says it has a ‘large pool of available funds’ to lead buyouts ranging from €100m to €1bn or more.
The newspaper speculated that proceeds from the sale of the college, which has charitable status, would be put into a charitable foundation and used to provide hundreds of bursaries for law students every year. There have been rumours that the college is to be sold since it began a strategic review in September 2011.
A spokesman for the college said: ‘This is yet more speculation. We remain in a strategic review process and, if or when that process is concluded, we will notify accordingly.’