The collapse of Careers Australia left over 15,000 students without an institution through which they could finish their studies and left over 1,000 staff without a job. Fortunately, for some of those students and staff, Arowana’s wholly owned subsidiary, Everthought Education, was able to offer a new home.
Moving quickly, a team was assembled comprising investment and operations specialists from Arowana, and education operators from Everthought. This joint team was able to swiftly evaluate the opportunity available, engage in negotiations with the administrator of Careers Australia and secure regulatory clearance from key State and Federal stakeholders for their proposed solution.
Following an intense three week period, Everthought Education acquired the carpentry, and painting and decorating operations of Careers Australia; offered students in those courses, places at Everthought with recognition of their existing studies and; was able to offer new employment to select ex-Careers Australia staff.
A key factor in the successful outcome of this transaction was Arowana’s unique willingness to “fight in the trenches” alongside its business operators. This enabled the team to move with precision and pace, against the backdrop of pressure from Careers Australia’s secured creditors and regulatory authorities.
The Sydney Morning Herald comments on this in their recent article ‘Lifeline for 2,800 Careers Australia students but 12,000 remain in limbo’, click below to read the full article.