Privitisation of children's services: the private equity firm SSCP Spring Topco, which owns dozens of foster care agencies and children's homes in the UK, is now being paid more than £364 million a year by local authorities, according to it latest accounts. 1/ 
This firm owns many of the biggest names used by local authorities (including NFA, Acorn, Options, Bryn Melyn, Hillcrest). It continues to buy up smaller rivals, at substantial cost. 2/
The company now has debts of almost £800 million. Much of this is arranged at high interest rates (eg 14%). Interest charges are paid for from funds intended for care and support. Banks before children. 3/
Look at the excess of net liabilities over net assets. This is offshore financial engineering, which exploits the increasing vulnerability of large sections of society. As support and early intervention is cut, their profits grow.
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Since the year-end, the company has acquired Bryn Melyn and Wessex College. More takeovers are likely. 5/
The company is held offshore, to avoid or minimise tax. The UK Government and local authorities are complicit in supporting tax avoidance, even in the care of children.
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The chair is Douglas Quinn, who has made millions out of the privatisation of care.
Latest accounts are published here: …te.company-information.service.gov.uk/company/092486…
The accounts are prepared on a going concern basis, which means that the business is facing financial distress but is still able to make payments to keep it operating.
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