About The United Westminster & Grey Coat Foundation
The United Westminster & Grey Coat Foundation (‘the Foundation’) was formed in April 2019 from the merger of United Westminster Schools and The Grey Coat Hospital Foundation. The Foundation comprises three private schools – Emanuel School in Clapham, Sutton Valence School, Maidstone and Queen Anne’s School, Reading – as well as two Academies – Westminster City School and The Grey Coat Hospital both of which are located in Victoria, London.
The Foundation has roots formed in the 1570s when certain families within London and Kent decided to start schools for “the poor of the parish.” There have been many different configurations of its schools over the past centuries, but the Foundation currently seeks to carry out its core mission by delivering excellent education.
The Foundation completed a £35m Private Placement debt financing, with a maturity of 30 years. Proceeds of the private placement were used to refinance existing bank debt, increase the Foundation’s investment portfolio and finance a significant element of the Foundation’s development plans for the private schools.
Centrus acted as the financial advisor to the Foundation, constructing a new financial model which consolidated the financial models of the three private schools, drafting an information memorandum and investor presentation, conducting meetings with selected investors and negotiating a Note Purchase Agreement.
“I am delighted that the Foundation has been able to raise new long term debt finance which will allow the Foundation to undertake a significant element of the Foundation’s development plans as well as increasing our investment portfolio. This will serve to enhance the schools’ facilities and benefit students at our schools for many years to come.
Centrus assisted the Foundation with some complex financial modelling and advised us through the private placement process ensuring that we achieved a long term financing on attractive terms.”
Toby Mullins, Chair of Trustees of the Foundation – The United Westminster & Grey Coat Foundation
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