SVT has reviewed the school groups that are growing the fastest in Sweden.

Five groups have at least doubled their turnover between 2017 and 2021. Three of them were listed on the stock exchange by their founders and owners during the years of stock market celebration and zero interest.

All promised investors rapid growth.

The most expansive group of all is the one that started when Täby municipality sold out Tibble gymnasium to the principal.

Cedergrenska, as the group is now called, has grown by 231 percent since 2017.

The principal has been out of the picture for a long time.

It was the next owner, the former stockbroker Niklas Pålsson, who started the expansion, bought more schools and put the company on the stock exchange.

Profit plummets

But now there are tougher economic times for the school industry.

Rents, school lunches and other things become more expensive due to inflation, and the municipalities do not want to compensate fully according to several school groups.

Cedergrenska's profit plummeted from 10 million to 1.3 million in the last six months, according to the recent interim report.

In the fall, Cedergrenska Almaskolan at Östermalm in Stockholm will close, partly due to location problems, but the company also writes in its interim report that "a reduced number of applications to the school in recent years is behind the decision."

The students are referred to the group's high school in Täby, but the students we talk to do not want to start there.



- It's sad, we had gotten close.

You changed here to go from seventh to ninth, so it's boring to change classes again, says Benjamin Atajic, who started junior high school last fall.

Niklas Pålsson does not want to participate in any interview with SVT.

The same applies to Tellus Group's CEO, who refers to the upcoming financial statements and that the stock exchange rules prevent him from making a statement just before that.

"Would grow and deliver"

But the school group Atvexa left the stock exchange last autumn.  

- The main reason why we left the stock exchange was the demand that we should grow and deliver a result, says Johan Kyllerman, CEO of Atvexa. 

And several of the fast-growing groups have taken on increased financial risks during the years of expansion.

This applies to a certain extent to bank loans, but above all it concerns long lease contracts, where they commit to paying rent for up to 20 years, and do not have the right to withdraw regardless of how the influx of students goes. 

"May lead to downsizing"

The Tellus group has leasing debts, primarily leases, which are 25 times higher than the equity, SVT's review shows. 

The School Inspectorate, which keeps track of school companies' finances to prevent bankruptcies, warns of the risks of the long leases.

- If there are fewer students, school money is reduced, and if you are stuck with long leases, it affects profitability and can lead to cutbacks, says Gunnar Persson at the School Inspectorate. 

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