- Founded in 2021 by sector-focused and theme-driven investor, Innervation Capital Partners (ICP), Melrose Education acquires high-quality Special Education Needs (SEN) schools across England;
- Led by the previous CEO of ICP Education, Tracey Storey, Melrose Education’s current portfolio consists of six SEN schools, which provide over 330 places to pupils;
- The bespoke loan from OakNorth Bank will be used to support Melrose Education’s future acquisition programme of SEN schools nationwide;
- Demand for SEN seats grew at a compound annual growth rate (CAGR) of 11% from 2016 – 2022, reaching 473K, driven by an increasing awareness of SEN conditions in children[1].
OakNorth Bank, the digital bank for entrepreneurs, by entrepreneurs, has provided growth capital to ICP-backed, Melrose Education, to support its acquisition programme of high-quality Special Education Needs (SEN) schools across England.
Founded in 2021 by the sector-focused and theme-driven investor, ICP, Melrose Education is led by the previous CEO of ICP Education, Tracey Storey. Its current portfolio of six SEN schools provide over 330 places to children with SEN conditions and includes Orchard Education, an independent special school located across three separate sites in Grimsby and Cleethorpes, Lincolnshire, that supports learners with Autism and ADHD, in addition to Break Through School in Belvedere, Kent, a small alternative independent school offering a personalised and well-rounded approach to education to young people aged 11-17. Melrose’s other sites also include The Learning Centre in Bromley, Kent, a small independent SEN Day School that provides support to all students with social, emotional and mental health needs, The Rowan School, an independent school for boys and girls aged from five to 11 located in Dudley, West Midlands, as well as Highgate Hill House School, an independent co-educational day school for SEN children situated on the Devon and Cornwall border.
ICP focuses on investing in platform companies in essential services sectors such as education. It then works closely with the management team to accelerate growth through a mixture of organic and inorganic growth. In 2017, OakNorth Bank provided support to ICP Nurseries, and in 2019, did the same with Cresswell Nurseries – both were Innervation Capital-backed businesses.
Tracey Storey, Executive Chair and CEO of Melrose Education, said: “Since our launch, my aspiration for Melrose has always been to provide outstanding opportunities for learning to all of our children, whilst creating one of the UK’s leading independent Special Educational Needs providers. Our priority is to positively change education outcomes for every one of our learners, with our senior management team, teaching and support staff all dedicated to achieving this meaningful goal with passion and experience. Our latest bespoke funding package from OakNorth will help us drive forward our acquisition programme of leading SEN schools throughout all regions of England, and we expect to complete several of these acquisitions before the end of the year.”
Stuart Blair, Director of Debt Finance at OakNorth Bank, added: “With over 30 years of experience in the early years and education sectors, Tracey is one of the main figures within the industry and we’re delighted to be able to support her and Melrose once again. The demand for high-quality SEN schools is continuing to increase, further highlighting the importance of Melrose’s mission, vision and purpose. We’re excited to be working closely with the entire team at Melrose and look forward to continuing to support them on their growth journey going forward.”
ENDS
Notes to editors
[1] ONS – Special educational needs in England
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £9bn, directly helping with the creation of 37,000 new jobs and 27,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588