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FRP Advisory Secures Future of CILT, the National Centre of Languages

FRP Advisory Secures Future of CILT, the National Centre of Languages

 
PRLog - Apr. 8, 2011 - Jason Baker and Jonathan Birch, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, have secured the future of CILT, the National Centre of Languages, following their appointment as Joint Administrators on 5 April 2011.
As a result of a substantial pension deficit and uncertainly about the future level of Government funding, following consultation with Governors and advisers, it was determined that a controlled Administration process was necessary to protect the interests of all creditors and stakeholders.
With effect from 7 April 2011, under the control of FRP Advisory, the English branch of the charity has been sold to the education charity CfBT Education Trust. The branch in Cardiff, CILT Cymru, which is funded by the Welsh Assembly Government, has been sold to WJEC CBAC Limited. The brands and core objectives of both CILT and CILT Cymru will remain unaffected.
Commenting on the case, Jason said: “With public sector funding being reduced or removed, many not for profit organisations are finding themselves in financial difficulty and, potentially, insolvent. Pension deficits are also a common contributing factor as to why many charities have solvency concerns.
“CILT was affected by a new competitive tendering system for funding in the 2011/12 fiscal year, which meant that its funding was uncertain and not guaranteed. It highlights how uncertainty about funding can significantly affect the solvency of charities and not for profit bodies – and why these organisations should develop a clear plan of how to maintain their income and solvency, at a time when demand for their services is expected to increase.”
All CILT Cymru activities will transfer to WJEC CBAC, with the transfer of all staff. The majority of CILT’s existing activities will transfer to CfBT. All staff engaged with transferring work will have TUPE rights to transfer their employment to the new organisation.
Jason added, “The restructuring of CILT demonstrates how, despite solvency issues and the difficult economic environment, these organisations do not have to fail and their future can be safeguarded, enabling them to continue to provide valuable services to the wider community.”
CILT, regarded as a leading education provider, promotes languages and intercultural education across all sections of society in the UK and overseas. Through its expertise as the National Centre for Languages, the 44 year old organisation aims to influence policy, spread best practice and to support the development of language professionals.
Other partnership organisations will be sought for those activities remaining, however, if no partnerships can be identified these operations will cease. Staff associated with any activities that are forced to cease will, unfortunately, be made redundant.

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.About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of nine regions including: East Midlands, Eastern Region, Kent, London, North, Northern Home Counties, South West, Sussex and West Midlands.
To find out more, visit www.frpadvisory.com

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Contact Email:
***@frpadvisory.com Email Verified
Source:Annie Wilson, FRP Advisory
Phone:+44 (0) 20 3005 4134
Zip:EC4A 1YH
City/Town:London - Greater London - United Kingdom
Industry:Business, Education, Finance
Tags:restructuring, recovery, insolvency, Asset finance, commercial finance, transition, FRPAdvisory, FRPCapital, FRPTransitio
Shortcut:prlog.org/11425245
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