The College of Law has sold its legal education business after reviewing its priorities
A charity has sold the college it administers to a private equity firm and used the proceeds to set up a £200m foundation that will give grants and bursaries to support the study of law.
The governors of the College of Law, which ran a legal education and training business of the same name, have sold the business, which had a turnover of £73m last year, to Montagu Private Equity. The charity said that a strategic review of its priorities had led it to seek a change of direction.
The College of Law has several centres around the country. Cash from the sale will form the new grant-making charity, to be called the Legal Education Foundation.
"The College of Law was established more than 50 years ago as a charitable institution with the specific object of the advancement of legal education," said Professor David Yates, chair of the governors. "Over the decades, the college has become the leading professional law school in the UK and now competes in an increasingly commercial marketplace.
"Given the changing education environment, it was appropriate for the governors to undertake a major strategic review of the best way for the charity to meet this objective in the future.
"Montagu’s investment will give the College of Law the freedom and support to continue to build its position as a leading professional legal education institution in the UK and internationally."