Regulator to review Jersey business school takeover

Tuesday 05 June 2018

Financial training provider BPP has announced plans to take over its key island business rival – if the competition regulator approves.

BPP's decision to acquire 82.5% of the shares in the Jersey International Business School (JIBS) was referred to the Channel Islands' Competition and Regulatory Authorities (CICRA) for review last week.

At present, BPP, which provides training to a number of leading local finance firms, offers numerous professional training courses including ICSA. JIBS, which was founded in 2009, also delivers courses in compliance, financial crime and money laundering. 

In merger documents obtained by Express, BPP argued that taking over JIBS would make it a more “diverse independent training provider”, adding that clients of both would “benefit from the economies achieved through a common approach to managing, monitoring and coordinating their training needs, saving time and cost.” 

Part of the deal would involve JIBS founder and majority owner Stephen Platt continuing as Non-Executive Director for three years after the acquisition.

Addressing the effect on competition, BPP argued that the impact would be minimal because “each party focuses on different qualifications and aspects of this [financial qualifications] industry.” They also claimed that the merger could result in “greater deals for consumers” and “bigger discounts.”

The merger application added that “the parties wish to proceed quickly” – with a date of 30 June listed on one of the appendix documents – and that they would “ideally would like to complete the acquisition immediately following confirmation from CICRA that there is no objection to the acquisition and that the acquisition is approved.”

A JIBS spokesperson said that they would not comment on the acquisition “as this matter is currently with the competition authorities.”

CICRA Chief Executive Michael Byrne said: “The acquisition between BPP and Jersey International Business School has now been notified with notice of the transaction given on CICRA’s website. Comments are being sought from interested parties to inform CICRA’s assessment of the transaction. At this stage CICRA wont be in a position to comment further.”