Internationella Engelska Skolan to open two new schools – Vallentuna and Kungsbacka
Internationella Engelska Skolan (IES) has signed rental contracts with the real estate company Nystad Stadsutveckling AB for the construction of two new schools – in Vallentuna, north om Stockholm, and Kungsbacka, south of Gothenburg.
The school in the Municipality of Vallentuna will be located in central Vallentuna and is scheduled for completion by the 2020/21 school year. This will be a compulsory school with three parallel classes for grades 6-9 and accommodate approximately 380 students when fully developed. The operations may eventually be expanded to include grades F-5.
The other school will be centrally located in Kungsbacka, in an area where the municipality is also investing in a new sports arena and swimming centre. The school is scheduled for completion by the 2021/22 school year and will be a compulsory school with three parallel classes for grades F-9. When fully developed, the school will accommodate approximately 900 students.
Cecilia Marlow, Interim CEO of Internationella Engelska Skolan comments: “Together with Nystad, we are happy to be part of these municipalities’ investments in more schools and quality education for all students, regardless of background. Many parents in Vallentuna and Kungsbacka have been requesting an IES school and it is therefore gratifying that we will now be able to offer these students a really good education in a safe and peaceful learning environment.”
Per Ronnevik, CEO of Nystad Stadsutveckling AB adds: “It feels great to be working with IES and the Municipalities of Vallentuna and Kungsbacka to develop two schools that will meet the needs of both the municipalities and the residents. We appreciate this collaboration with all parties and are looking forward to a long-term partnership.”
Both agreements are conditional upon licenses from the Swedish Schools Inspectorate, and on other relevant regulatory decisions.
Internationella Engelska Skolan has previously announced its intention to open a school in the Huvudsta area of Solna in 2020. Due to a protracted building permit process for the entire area, the school will not be completed until 2021.
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For more information about this press release please contact:
Emma Rheborg, Head of Communication and IR, IES
Telephone: +46 (0)768 511 540
Internationella Engelska Skolan i Sverige Holdings II AB discloses the information provided herein pursuant to the EU’s Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the above contact, on 17 May 2019 at 09:45 CEST.
About Internationella Engelska Skolan
Internationella Engelska Skolan, IES, is one of the leading free school operators in Sweden with some 25,600 students at 36 schools, and about 2,800 students at its schools in Spain.
IES Sweden operates schools for students in grades F-12. Its main focus is grades 4-9, what is often called “middle school.” Within the compulsory school system in Sweden, IES is the leading independent operator, with nine of the ten largest free schools. IES’s results on the national tests in grade 9 are far above average in Sweden.
Internationella Engelska Skolan was founded in 1993 and is in its 26th year of operation. Throughout this period, its schools have been defined by the three core convictions of its founder, Mrs. Barbara Bergström:
- A safe and orderly environment, where teachers can teach and students learn.
- To command the English language − the key to the world.
- High academic expectations and targets.
Up to half of the teaching in IES schools in Sweden is in English, by native English speaking teachers. Over 800 teachers with qualified foreign teaching degrees are currently teaching in IES schools. They are mainly recruited from Canada, the USA, the UK and South Africa.
IES’s student base is in growing strongly. Over the past ten years, total operating income has increased organically by an average of 19% per year. In the most recent financial year 2017/18, which concluded on 30 June 2018, total operating income was MSEK 2,347.9, an increase of some 15% year on year. As of 31 March 2019, there were approximately 199,700 applications in the waiting list to secure a place in the Swedish schools for the current and forthcoming years.
Internationella Engelska Skolan has been listed on Nasdaq Stockholm Mid Cap, with the ticker ENG, since 2016. The largest (indirect) shareholders of IES are TA Associates of the US, which has close affiliations to leading universities and foundations in the US, and IES’s founder Barbara Bergström. At the end of February 2019, the 10 largest shareholders also included Paradigm Capital, Swedbank Robur fonder, the Third Swedish National Pension Fund, SEB fonder and AMF Försäkring & Fonder (owned jointly by LO, The Swedish Trade Union Confederation and the Confederation of Swedish Enterprise).