It was in December 2020 that the venture capital fund Paradigm Capital, with the largest fund in Luxembourg, bought out the English School from the stock exchange for just over three billion kroner.
The new owner created a company structure with four ownership companies above the school company itself and changed fiscal years twice.
Therefore, it is only now that there are figures that show what has happened in the company since the new owners took over.
The English school runs 46 schools and received five billion kroner in tuition fees and grants over a year and a half.
It is from that company that half a billion kroner has left the business.
Education Minister Lotta Edholm (L) reacts when SVT talks about the group contribution in an interview.
Shouldn't be able to move money
- The whole point of this independent school investigation is that money for independent schools should also go to the independent schools, to the students, and that you should make sure that you cannot move money in any way between different businesses.
I think it is hugely important for the reputation of the whole independent school sector.
What do you think that it is half a billion that goes in group contributions upwards in the group from the English school's schools?
- It is difficult for me to comment on individual cases.
The founder Barbara Bergström is included as a minor owner after the deal.
The rest of the ownership is with investors in different parts of the world.
The fund and the school group are managed by the Swede Jan Hummel, based in Munich.
100 million has been distributed
SVT's review also shows that the top holding company in Sweden has sent a shareholder contribution of SEK 100 million to another subsidiary, which has been distributed to the owners, i.e. the investors.
What the company is for or where the 100 million goes is unclear.
It is Barbara Bergström, Jan Hummel and Carola Lemne (former CEO of Swedish Enterprise) who sit on the board according to the Swedish Companies Registration Office.
Jan Hummel, who manages the group and is chairman of the top company, does not want to answer any questions from SVT but refers to the annual reports.
Refuses interview
Since December, SVT has asked the English School questions about the group contributions but has not received an interview.
Shortly after SVT received written answers from the school's CEO on Friday, the English school itself publishes a press release in which they release their numbers in advance.
English School CEO Anna Sörelius Nordenborg only wants to answer in writing.
She points out that the money is still in the group and has not been distributed to the investors, and writes that "the cash flow is used to reinvest in the business, to pay interest in the holding companies and to pay taxes"
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For one of the ownership companies, the interest costs are SEK 214 million, after the latest change of ownership, SVT's review shows.
Anna S comments on the question of whether the school money should go to interest costs as follows:
"My mission is to lead our 46 schools and create the best possible education for our 32,000 students. We have a margin of around 5-6 percent. It is not my role as CEO to comment on how the surplus is used".
According to the annual report, the top owner company has also invoiced the subsidiaries SEK 30 million in "management fee". SVT has so far not received an answer as to whether and how the school company itself paid part of it.