Internationella Engelska Skolan, IES, signed a rental contract today with the Municipality of Östersund to rent the former Palmcrantzskolan in central Östersund. Opening is planned for the 2020/21 academic year, and the school will be a compulsory school with two parallel classes for grades F–9, and will accommodate approximately 600 students when fully developed.
Cecilia Marlow, Interim CEO of Internationella Engelska Skolan, comments: “We’ve had a dialogue with Östersund for several years about how we can contribute to the municipality’s increased efforts in education. We are therefore pleased that the municipality is now making a major investment in schools in the municipality and look forward to providing Östersund’s parents and students with another option when choosing schools. The school will be renovated to fit our needs, a cost we will pay, but as usual it’s included in the rent we’ve agreed on with the municipality. We look forward to welcoming all students in Östersund, regardless of background, to doing their best in a calm and safe learning environment.”
“We are very pleased to be able to welcome IES to Östersund Municipality. Their operations will be an important complement to the existing school structure and will be of great benefit to our business community, authorities, and university as well as to Östersund residents,” says Pär Löfstrand, Municipal Commissioner.
IES already has permission from the Swedish Schools Inspectorate to open a school in Östersund. No other regulatory decisions remain.
For more information please contact:
Emma Rheborg, Head of Communication and IR, IES
Telephone: +46 (0)768 511 540
E-mail: [email protected]
Internationella Engelska Skolan i Sverige Holdings II AB (publ) discloses the information provided herein pursuant to the EU’s Market Abuse Regulation. The information was submitted for publication, through the agency of the above contact, on 27 June 2019 at 15:00 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 3,200 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 17 of the 20 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).
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