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ABC Learning Centres update
10 December 2008
In an announcement today, the receivers of ABC Learning Centres (ABC), McGrathNicol outlined its plans for continuing to provide ABC child care places into 2009. According to the release, 720 ABC centres will remain within the ABC Learning Group with 55 centres to close and be consolidated into nearby ABC centres.
To view a full copy of the McGrathNicol announcement, please
click here.
An additional 241 centres have been identified by McGrathNicol as “unviable under the current business model”. Some of these centres are potentially profitable and may be transitioned out of receivership if operated under an alternative business model. These centres will continue to trade into 2009 under an arrangement announced by the Federal Government.
To view a copy of the Federal Government's release, please click here.
Following the announcement, an additional 64 centres will continue trading into 2009. This number is an improvement on the previously announced 656 ongoing centres, bringing the total number trading as normal to 720 centres.
Further information
We are currently assessing this information and its impact on the Fund and will provide you with full details shortly. In the meantime, if you have any questions about the Orchard Childcare Property Fund please contact Orchard Investor and Adviser Services on 1800 008 494.