Pitman trains for growth abroad

The Pitman Training Group, which dates from 1837, has helped generations of students to master shorthand, typing and book-keeping.

It was founded by Sir Isaac Pitman and was based in London until it moved to its current head office in Wetherby, West Yorkshire, in 1990.

It aims to establish more overseas operations after securing an extra 100,000 share capital.

The company has moved with the times, and offers training in computer skills, health and safety and secretarial work.

Claire Lister, the company's managing director, said: "International expansion would be good for us. In the past, this has been done reactively. We want to be more proactive. Pitman is a well-known brand around the world, particularly in the former Commonwealth countries."

The company was the subject of an MBO (management buy-out) in October 1998 which was backed by private equity investors, 3i.

In recent years, 3i has retained a 40 per cent stake in the business. As a result of the re-financing, the company is now entirely owned by the directors.

The company's chairman, Carel Stassen and his brother Riaan have a 65 per cent stake in the business. Ms Lister and Paul Crompton, the finance director, have stakes of 30 per cent and five per cent respectively.

A 3i spokesman confirmed that its stake had been sold to the management.

The spokesman added: "It is an amicable sale and we wish the management well." The financial details have not been disclosed.

Ms Lister said: "We are very proud of our history, but we are a modern company based on a tradition of quality service and innovation."

The company has 30 staff in Wetherby and 100 franchise partners in the UK, Ireland and other countries such as Mauritius, Malawi and Nigeria.

Last year, the Pitman Training Group's turnover was 3m, which was slightly higher than 2008, Ms Lister added.

The franchise network had a turnover of 15m, compared to around 14m the year before. Ms Lister, who has been the managing director for four years, said: "We tailor diplomas to the needs of each student and make them job-ready. Employers say there's a lot of value in having Pitman training on an applicant's CV."

She said trading last year had been good, adding: "In the recession, you have large numbers of people who have lost their jobs or are worried about the possibility of being made redundant. They are keen to retrain.

"The completion rates are 90 per cent plus on Pitman courses due to the strong mentoring students receive. We sell just under 100,000 courses a year. We plan to grow the franchise network.

"There is poor quality training out there and people want a brand they can trust."

Chris Peace, of Leeds-based law firm Lee & Priestley's corporate and banking team, advised Pitman on the deal.

He said the company now had a simplified financial structure and a stronger balance sheet.

In recent years, many of Pitman's student have been Polish workers who came to Britain in search of work, Mr Peace added.