A little bit off-topic, but I thought I would share some family pride with you all...My very talented (and generous) step-father, Robin Crawford, who was one of the early pioneers at Macquarie Bank, has helped develop and lead "GoodStart", which is the company comprising not-for-profit organisations that will be acquiring 678 childcare centres left by ABC Learning (with an offer to manage the remaining 26 centres it won't be buying). Goodstart was established by Mission Australia, the Benevolent Society, Social Ventures Australia and the Brotherhood of St Laurence. Not to do any family members a disservice, I am blessed with several wonderfully talented in-laws; one brother-in-law, Karim Temsamani, runs Google in Australia & NZ, while a sister-in-law, Paula Joye, is editor-in-chief at Madison and Shop-till-you-drop magazines. In any event, Robin was today quoted as saying:
"We've got a very strong support from National Australia Bank [for debt funding]...We've got a $15 million contribution from the Commonwealth government, as a loan with a very modest rate of interest. And we've got a group of philanthropists behind (us) that will provide what we call social capital to enable the deal to happen...
Recent history has demonstrated the provision of good quality childcare and education must be undertaken with the business disciplines necessary to sustain operations over the long term.
Despite the very public consequences of the previous management’s growth strategies, a balanced assessment of the business shows a broad network of generally well constructed and maintained facilities and a 14,000-strong staff that share the company’s commitment to high quality childcare.
Staff who have a passion for their jobs are critical to delivering good quality care, and we intend to retain, attract and develop high quality staff at each level of qualification."
Ninemsn added:
"The LHMU, the union representing childcare workers, said the GoodStart deal was a victory for its members.
Assistant national secretary Sue Lines the union had been "very concerned" about private equity firm ArcherCapital winning the bidding process for the centres.
"They are not in the business of child care, they saw it as an opportunity to make money very quickly and make returns for their shareholders," she said."
