Troubled education provider Vocation has sold two businesses for $15 million

Sean Gallup/Getty

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at