Wey Education has acquired online education business Academy 21 for £1.6m.
Wey has previously raised £5m at 22p a share to fund this acquisition and other investment, including sales and marketing. That includes advertising in Waterloo railway station. The current share price is 38p.
The previous owners of Academy 21 have resigned from the business, which offers short-term tuition, and fits well with Wey’s existing operations. The students will move to the Wey online platform. In the year to August 2017, revenues were £1.03m and pre-tax profit was £138,000.
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