Hillcrest to send all workers home in Braeburn buyout – Business Daily
Braeburn Schools Limited has reached a deal to acquire Hillcrest. FILE PHOTO | NMG
Hillcrest International has announced plans to send its entire workforce home as part of an ownership transfer to Braeburn Schools Limited set to conclude in December.
The school in a memo Monday said it had reached an agreement with Braeburn on the transaction and the process of securing approvals from relevant government authorities.
“Regrettably, as a consequence of this transaction, Hillcrest will terminate employment of all its employees on the grounds of redundancy…,” the school said.
The school said the 30-day notice of its intention to declare the staff redundant is meant to pave the way for the transfer of the majority of the employees to Braeburn.
“For the employees selected to be transferred to Braeburn, the transfer will be effected by way of Tripartite Agreements to be signed between Hillcrest, Braeburn and each of the individual employees,” said the school.
As part of the succession planning, a vacancy has been announced for the head teacher at Hillcrest Schools in an opening that closes on October 21, 2022.
The financial details of Hillcrest’s sale and transfer of its nursery, primary, secondary education, and boarding business remain undisclosed.
The acquisition by Braeburn marks the third change in ownership in the last decade.
Its sale comes three years after it was acquired by the Dubai-based GEMS Education for Sh2.6 billion, which had acquired it from Fanisi Capital.
Fanisi Capital-led by IT millionaires, Ayisi Makatiani and Anthony Wahome had bought Hillcrest from the family of the late Kenneth Matiba in 2011, ending the 37-year-old hold of the elite learning institution by the once presidential contestant.
Braeburn said that Hillcrest Schools will however continue operating under the Hillcrest brand.
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