, NAIROBI, Kenya Aug 3 – The Hillcrest Group of Schools is under new management following the lifting of its receivership status and subsequent sale to new investors.
A consortium of investors led by Fanisi Venture Capital Fund have settled the Sh620 million debt owed by the family of veteran politician Kenneth Matiba and other investors to Barclays Bank of Kenya. The schools were placed under receivership in 2005.
Spreading on a 52-acre plot in the secluded Karen suburb of Nairobi, Hillcrest offers the British education curriculum. The schools comprise of full-fledged early years, preparatory and secondary school facilities.
Fanisi Venture Capital Managing Partner Ayisi Makatiani said the acquisition of the Hillcrest aims at enhancing schools’ rich heritage of fostering individual talent within a multicultural environment that promotes excellence.
He added that following the acquisition the investors would be making further investments into the group of schools to strengthen its capacity and build the schools into centres of academic excellence.
“With this acquisition, we wish to confirm that we are setting off on a grand journey to transform Hillcrest International Schools into world class educational institutions in what we hope will soon be a showcase impact investment project,” Mr Makatiani said.
Anthony Wahome, the CEO of the Linksoft Group, another partner in the investment said priority would be to ensure a smooth and seamless transition devoid of any operational disruption at the schools.
“We will be seeking to infuse additional investment in facilities and management related resources to expand and upgrade Hillcrest International Schools. The Company’s investment plan is heavily anchored on information technology to facilitate transformation to world-class standards,” Mr Wahome said.
Mr Wahome stressed that the new investors remain committed to retaining the management and administrative staff of the group while striving to raise the standards and competitiveness of the institution.
“As a responsible investor we are sharply aware of the rich heritage of Hillcrest International Schools and wish to assure students, parents and guardians and all stakeholders of its unwavering commitment to facilitate the successful completion of all ongoing development projects while maintaining the renowned, Hillcrest International Schools’ place, pride and reputation,” he said.
The Hillcrest group of Schools was put up for sale in May following failure by the former Cabinet minister to pay the debt.
In the offer for sale notice earlier issued by the former receiver managers, Kieran Day and Kereto Marima of the Business Advisory Group Limited, Hillcrest International Schools business and assets were described as a profitable, leading international school in sub-Sahara Africa.
The school has a student population totaling over 600 students from 40 different nationalities. It sits on serene grounds with ample space for playfields and other educational facilities.