One of the biggest private school companies in Sweden is selling off or closing its schools, reports Swedish Television. The founder of the company says that the reason is "simply mismanagement" by the owners, venture capitalist firm Axcel.
Over 10,000 pupils go to one of the 30 JB Education schools in Sweden. The firm says it has found new buyers for most school, although one in ten pupils will see their school close in two weeks, at the end of the current term.
The CEO of JB Education says to Swedish Television that "under the circumstances he is relieved," that they have found buyers for most of their schools. The new owners will have to be accepted by the Swedish School Inspectorate.
The JB high schools in Jönköping and Värnamo will both close.
JB Education was founded under the name John Bauer, by Rune Tedfors. He sold the school firm in 2008, to the Danish venture capital firm, Axcel. The owners say that they are selling off the business due to the recent years' shrinking number of high school students.
In Sweden "free schools" are funded by the state, but are run by private organisations, including companies who want to make a profit from school education.
