Troubled education provider Vocation has sold the Australian School of Management and the Australian College of Applied Education for $15 million.
The sale to Careers Australia Group is part of moves to reduce debt and regain footing after posting a $273 million first half loss.
Vocation has downgraded its earnings outlook since Victoria’s Department of Education and Early Childhood Development (DEECD) withdrew about $20 million in funding after an investigation into some of the company’s courses.
The company is in the middle of a strategic review to be completed by April-May.
Vocation’s shares have fallen from $3.30 in September to $0.075 at Friday’s close.