One of Wales' leading private schools have been acquired in a management buyout.
Kings Monkton School in Cardiff has been acquired by its principal and vice principal in husband and wife team Paul and Karen Norton.
The deal provides an exit for entrepreneur Andrew McCarthy who acquired the then at threat of closure school, through company Heathfield Independent Schools, in 2013.
The value of the deal, for the school which has 328 pupils aged from 3-18, has not been disclosed.
Over the last six years Heathfield Independent Schools has invested £2.5m in modernising and improving the school's environment and facilities.
Its new owners have committed to investing £300,000 before October in new school buses, to allow for pupils to be collected from as far afield as Merthyr Tydfil, Sully and Newport, and as well as in new classrooms.
A further investment of £100,000 over the summer will see a new sixth form centre built on the site located close to the city centre.
Mr Norton, who joined as principal in 2013 after more than 20 years working in the state system, has been long affiliated with Kings Monkton – his father studied at the school in 1953 and his son, Will, is a current pupil.
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Ms Norton was appointed as vice principal in 2015 also following 20 years working in the state sector and for Welsh Government, where she specialised in providing strategic guidance and training for headteachers and support staff.
Mr Norton said: “It has been a privilege to lead Kings Monkton School, one of the oldest independent schools in Wales, for the past six years and bring it back to its former glory.
"Our pupils have progressed to work with charities around the world, attend top universities, and become doctors. We believe in their potential to flourish inside and outside of the classroom.
“Our vision for Kings Monkton remains as we move the school into a new future. Karen and I highly value the importance of providing an inclusive education that holistically caters for the needs of every child and develops well rounded, happy adults.
"We are wholeheartedly committed to ensuring the success of Kings Monkton school and all its pupils. To become its owners is testament to that, and one of our proudest ever moments.”
The teaching staff at Kings Monkton will remain and have been assured that there will be no changes to their contracts or roles within the school.
Mr McCarthy, managing director of property development firm Garrison Barclay Estates, said: “I’m really proud of what we have achieved at Kings Monkton School over the last six years. We have invested heavily in the building, the offering and the team and this is reflected in the results the school is now achieving.
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"I’m delighted to be handing the reins over to Paul and Karen, who have been doing an exceptional job in leading the school. I know it is in safe hands and it’s a good time for me to exit.
I look forward to seeing the school continue on this upward trajectory.”
On his property interests he said: "We have a lot going on at Garrison Barclay Estates including the redevelopment of Chartist Tower and the former Royal Mail sorting office in Newport, along with other office, industrial and residential ventures.
"My exit from Kings Monkton School means I can give Garrison Barclay Estates my full attention as we look to grow our portfolio in Wales and the south west of England.”
In 2020 the school will celebrate its 150th anniversary.