The school is up for sale

[Tattsyrup]

The independent school I've worked at for several years is on the market. I know this isn't unusual in the independent sector, but I confess I am worried about what this could mean for me and my colleagues. Our current owners are, apparently, retiring, although this hasn't been disclosed to the school staff (which is fair enough, I suppose. It's their business!). We haven't been told that the school is on the market. I don't want to go into how I found out, but a brief bit of Googling confirmed it! I found the sales advert, and the asking price is very low (under £1million) and this is what has me worried. The land the school is built on is probably worth in the region of £3million if sold to developers (I'm basing that on average property prices for the area). I am worried that we'll be bought out and be immediately out of a job! And our beautiful old school bulldozed.
Has anyone had any experience in a similar situation, and can tell me that is all worked out wonderfully? That the new owners were fantastic, and the sale resulted in pay rises and biscuits for everyone? Please? Make me feel better about this!! Lie to me if necessary

[icanteven]

My first thought would be how to raise the money to buy it myself or as part of a consortium of investors!

[OpalFruitsMarathonsandSpira]

This happened to me and we got a proper coffee machine, and donuts on a Friday in the staff room. I'm lying as you requested I'm not even a teacher sorry I'll send you some flowers to apologise

[Tattsyrup]

icanteven, I wish I could! But even at its surprisingly low price, it's still 32x my annual salary. Maybe my lottery numbers will come up!

opalfruits I'm just going to ignore the second part of your post and say thank you!

[greenfolder]

I would imagine that if there is a difference between the sale price of the school and the underlying valuevof the buildings the owners will put a legal caveat that if it ceases to be a school within x time and is redeveloped the purchaser has to give them an extra wedge of cash.

[StealthPolarBear]

It's pretty bad of your employers to let you find outt this way.
do you know a friendly solicitor to see if there are relevant t&c of the sale as a pp said?

[user1486915549]

I think it is fair enough for staff to ask for a meeting with the owners to discuss the future.

[Lowdoorinthewal1]

I think it depends how much of a going concern the school is. How are your numbers? If the school is stable and makes money I expect it will be bought by Cognita or Minerva or similar.

However, a Prep near us was bought by Cognita some years ago and they found that it 'couldn't be made to fit their business model' so it was sold and closed last September.

Another fairly local Prep went under, but was bought by a bigger school as a second feeder Prep.

So it is possible that you will survive!

[Sycamoretrees]

After a quick Google I think I've found the ad, very much looks like they are selling it as a business and not as a development plot. I suspect the current owners are committed to it staying as a school and will include that in the terms of sale. Bad form for staff to find out from the internet though. Fingers crossed for you and the rest of the staff and kids that someone good buys it.

[Badbadbunny]

It could be that the land/buildings have a restriction in their deeds preventing any use other than a school. The current owners may well have paid less than the development site value when they first bought it for that very reason. Especially likely if it's been a school for many decades as it could originally have been a legacy in a will or a charitable gift. The current owners may not even own the freehold - they may only own it via a long leasehold, and such a lease may include stipulations as to permitted uses.

If not, perhaps the building is listed which immediately makes it less attractive due to restrictions over any modifications/improvements, etc.?

If the vendors could sell the plot themselves for 2 or 3 times the asking price, then common sense says they would. Why wouldn't they?

[blaeberry]

The current owner may well be hanging onto the land and the new owners of the business will be expected to pay rent for the lease of the premises. This is a very common situation for businesses and would give the current owner a retirement income whilst also hanging onto the property asset.

[Fedupagain1975]

Hopefully United Learning won't buy it!! They brought ours, on the promised to build up numbers, and did nothing. No marketing or investment! School is closing down in July, to make way for a new school. Most of the staff are out of a job!

[SpikyFish]

Badbunny is correct, the land will have some sort of restriction on it so that it can only be used for certain purposes