BPP parent company writes off one third of school's value in wake of downturn
More than a third of BPP's purchase value of £303.5m has been written off by its US parent company Apollo Global, according to the education provider's US Securities and Exchange Commission (SEC) filings. The accounts, which cover the financial year ending 31 December 2009, state that the BPP incurred "impairment charges" of £106m, representing a 35% drop in value. This is Apollo's first "goodwill impairment test" for BPP since its takeover last year, with the US parent company reassessing BPP's financial outlook in the wake of the recession in the UK.
More than a third of BPP’s purchase value of £303.5m has been written off by its US parent company Apollo Global, according to the education provider’s US Securities and Exchange Commission (SEC) filings.
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