So, my kids’ school is closing down. I don’t want to get all concerned-parent-launches-Save-Our-Schools-campaign, but there are certain aspects to this that really burn my ass. The school (The British Primary School, in Vossem (near Brussels) in Belgium) has been running for thirty years. Last year the original (and now aged) founders decided that it was about time they retired, and sold it to an ‘educational company’ called WCLS (World Class Learning Schools and Systems).
The announcement of the closure was made by Charlie Freer, the US-based Finance Director of WCLS, who flew over especially so he could tell us all in person. My first question is: Why does Charlie Freer still have a job??? The school was purchased – presumably with the endorsement of Mr. Freer – only last year as very much a going concern. Twelve months later Mr. Freer says announced that it is “not a viable business” (his exact words) and will be closing (not “sold on”…). WTF‽
How can this ‘business’ be failing? Firstly, it is a private school with zero debt. The fees are (as with most private schools here, which cater to the burgeoning expatriate community) extortionate, and every class is full. There have been no significant changes to income or expenditure over the past year, so clearly the new management is entirely to blame for the school’s sudden failure.
The company is citing problems with one of the school’s buildings as the primary reason. True, there are problems with one of the buildings, but these were caused by recent road works and an outstanding insurance claim will cover the repairs. But the real issue lies with one part of this building that has never been operating as part of the school. The truth is that WCLS anticipated renovating this building and turning it into classrooms, and then significantly upping the intake. Unfortunately for WCLS, they won?t be able to do that until the insurance claim (which is against the local commune, which is dragging its heels) pays out. Which means that the reason for closing the school is not because it isn’t making money (it is), but because it will not make as much money as they had hoped for in the timeframe they had expected.
So my second question is: Why has WCLS’s share price not nosedived, or the company not filed for bankruptcy? The school is currently making money. Fact. Even if WCLS do nothing, it will not be (net) costing them anything. Which means that they must need more money than it is generating, which means that the company must be hemorrhaging money somewhere else and were hoping to use BPS to stem the flow. The company clearly has no medium-term vision (it failed to see even 12 months ahead), has a questionable business model, zero morals (this is a kindergarten and primary school), and a fuckwit for a Finance Director! It does not deserve to be in business.
Sure, we can find another school for the kids (already have, as a matter of fact). Sure, “this is business”. But goddamn, it annoys me that people with about as much business acumen as my six year old are allowed to dick around with the hard-earned moolah of humble desk-jockeys like myself who are apparently mistaken in thinking that the only way their kids will get to be company directors is through a decent education, and hard work and intelligence…
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