WA Investor Services was commissioned to undertake detailed due diligence on the government’s apprenticeship reforms and the impact of the EU referendum result on apprenticeships in the UK.

The transaction was happening as complex regulatory and funding reforms were being planned and implemented. Critical policy detail still to be confirmed would have a significant impact on the asset.

Furthermore, changes to the machinery of government were taking place with responsibilities for apprenticeships policy moving to the Department for Education (DfE), creating uncertainty that the client needed to navigate and understand.


Given the complexity of the government’s reforms and the asset’s particular business model, WA Investor Services held meetings and calls with management to fully understand their business plan and customer base. This allowed us thoroughly to assess the impact of the government’s reforms on the business.

To clarify government’s intentions on funding and regulation, and show how this would affect the business’s operations and revenues, WA Investor Services conducted detailed secondary research and primary interviews with business groups, awarding bodies and civil servants.

Midway through the project the government published a major consultation on its apprenticeship reforms, setting out significant changes to its plans. WA Investor Services immediately updated the client and held further interviews to help them interpret the effect on the business.


WA Investor Services completed a detailed Policy Risk Analysis report setting out the risks and opportunities for the asset in light of the changing political and regulatory environment.

We kept the client updated on political and policy developments throughout the transaction process until they were comfortable with the outlook and the deal could proceed.