Butler Cox Plc yesterday moved into computer education with the acquisition of the Cranfield IT Institute Ltd from Cranfield Information Technology Institute Ltd, a company set by up Cranfield Institute of Technology and major industrial companies in 1986 to provide high quality education drawing on the industrial and educational worlds. The vendors decided that it would develop more rapidly as part of a more broadly-based group, and Butler-Cox is keen to expand it to offer a bridgehead to markets outside the UK. Butler Cox is buying the business for a nominal sum to enable the unit to make an initial payment to the Institute of UKP75,000, the agreed net asset value. A further payment of up to UKP900,000 will be made in 1992 based on the net profits of the business for the next two years.
