INTERNATIONAL CORRESPONDENCE SCHOOLS LIMITED
🌳Matureactive
SC434382 · ltd · incorporated 2012-10-09
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Opportunity decay
hardening · 12-months
Already tight — no obvious softening catalysts on the horizon.
- · Thesis: well-run, low negotiation leverage
🔒Estimated value
—
Upgrade to see
Turnover
—
not disclosed
Net worth
—
book net assets
Opportunity
69/100
Strong
What this business does
Primary activity: Other education n.e.c.
Sector: Education
ALSO REGISTERED FOR
- 85600Educational support services
Investor take
PursueActive trading company. Reasonable fundamentals — worth a memo before deciding.
Opportunity 69/100 (strong), bankability 77/100. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 10 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (58/100).
🏦
Refinance opportunity
9 live charges · 7 lenders · oldest 13.3y
35/100
too messy
Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.
- · Oldest live charge is 13.3 years old — likely at or near maturity.
- · 7 lenders named — inter-creditor friction likely.
- · Legal-friction score 25/100 — workable, but lender will want more DD.
Data confidence
Overall: medium (58/100)Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.
Company profile
address, 2 SIC codes, incorporation date
100
Financials
No iXBRL financials extracted
0
Lenders & charges
9 charges (9/9 with lender, 9/9 with type)
90
Directors & officers
14 officers (2 active, 14 linked, 12 with DOB)
87
Ownership & PSC
1 active PSC(s) of 3 total, 3 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
98 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
69/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
50
Some acquirability indicators.
Risk profile
69
Some moderate concerns — review flags.
Signal strength
100
Good data coverage for analysis.
Recent activity
Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
2
filings
- • 1 confirmation-statement
- • 1 officers
Counts from Companies House filing history.
Corporate timeline (66 events)Click to expand
- 2025-11-09📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-10-08📄appoint-person-director-company-with-name-dateofficers · AP01
- 2025-10-02➕KEMP, Richard Craig appointeddirector
- 2025-10-01➖DOYLE, Alison resigneddirector
- 2025-08-27📄accounts-with-accounts-type-fullaccounts · AA
- 2025-08-21📄change-person-director-company-with-change-dateofficers · CH01
- 2025-06-24📄appoint-person-director-company-with-name-dateofficers · AP01
- 2025-06-24📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-06-18➕MACFARLANE, David appointeddirector
- 2025-06-18➖KENNEDY, Colin Cameron resigneddirector
- 2024-06-04📄change-person-director-company-with-change-dateofficers · CH01
- 2024-05-14📄accounts-with-accounts-type-fullaccounts · AA
- 2023-11-15📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC02
- 2023-11-15📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2023-05-04📄accounts-with-accounts-type-fullaccounts · AA
- 2022-09-13📄accounts-with-accounts-type-fullaccounts · AA
- 2022-06-16📍change-registered-office-address-company-with-date-old-address-new-addressaddress · AD01
- 2022-06-14📍change-registered-office-address-company-with-date-old-address-new-addressaddress · AD01
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-04-06🔓Charge satisfied #9
- 2022-04-06🔓Charge satisfied #8
- 2022-04-06🔓Charge satisfied #7
- 2022-04-06🔓Charge satisfied #6
- 2022-04-06🔓Charge satisfied #5
- 2022-04-06🔓Charge satisfied #4
- 2022-04-06🔓Charge satisfied #3
- 2022-04-06🔓Charge satisfied #2
- 2022-03-18➖MCCREADY, John Edward, Mr. resigneddirector
- 2020-10-01🔒Charge registered #9Lender: Santander UK PLC (As Security Trustee)
- 2020-10-01🔒Charge registered #8Lender: Santander UK PLC
- 2018-06-25🔒Charge registered #7Lender: Colin Kennedy
- 2018-05-23➕MCCREADY, John Edward, Mr. appointeddirector
- 2018-05-14🔓Charge satisfied #1
- 2018-05-03➖ALEXANDER, David Turnbull resigneddirector
- 2018-05-03➖MCDONALD, Angus Francis resigneddirector
- 2018-05-03➖MUNN, Paul resigneddirector
- 2018-05-03🔒Charge registered #6Lender: Santander UK PLC as Security Trustee
- 2018-05-03🔒Charge registered #5Lender: Primary Capital Iv (Nominees) Limited as the Creditor
- 2018-05-03🔒Charge registered #4Lender: Alison Doyle as the Creditor
- 2018-05-03🔒Charge registered #3Lender: Santander UK PLC
- 2018-05-03🔒Charge registered #2Lender: Santander UK PLC
- 2016-03-31➖NOBLE, Timothy Peter, Sir resigneddirector
- 2015-06-26➕DOYLE, Alison appointeddirector
- 2015-01-09➖MCLAUGHLIN, Steven resigneddirector
Showing most recent 50 of 66 events
Owner dependency
58/100
Moderate — manageable with handoverSome founder dependency, but not acute. A structured handover period should cover most risk.
FACTORS
- +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
Succession & seller-readiness
36/100
Weak signalLimited succession signal. Not a near-term off-market candidate.
SIGNALS
- secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
Red flags
2 med ·2 director resignations in last 12 months
mediumMultiple recent departures can indicate governance disagreement, succession event, or preparation for sale/stress.
Evidence: DOYLE, Alison resigned 2025-10-01; KENNEDY, Colin Cameron resigned 2025-06-18
Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Group structure
Ics Sy Holdings Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.
🏛️ultimate parent
Ics Sy Holdings Limited
Corporate parent · holds 75-100% shares · board control
⬇
INTERNATIONAL CORRESPONDENCE SCHOOLS LIMITED
This company · SC434382
Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).
Shareholders & ownership
1 active beneficial owner · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Ics Sy Holdings Limited Corporate entity | 75–100% | 75–100% | board control75-100% shares · 75-100% voting · board control | 05/06/2023 |
2 historic (ceased) PSCs
- Kelvin Bidco Limitedceased 05/06/2023· 75-100% shares · 75-100% voting · board control
- Mr Angus Francis Macdonaldceased 03/05/2018· 25-50% shares
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
🔒Co-director network graph
Radial SVG graph showing every company connected via shared directors, colour-coded by status.
Available from the Pro tier upwards.
See pricing →Similar companies
Active · Education & training · G postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| ILLUMINATE AI LTD→ SC782469 · est 2023 · no financials extracted | — | — | — | — | 2y | — | — |
| IMPACT ARTS (PROJECTS) LIMITED→ SC225422 · est 2001 · no financials extracted | — | — | — | — | 24y | — | — |
| IN-DEPTH MEDIA LTD→ SC841444 · est 2025 · no financials extracted | — | — | — | — | 1y | — | — |
| INNOVO ACADEMY UK LTD→ SC872812 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| INTERNATIONAL SCHOLAR PLUS LTD→ SC817774 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| INVICTUS SALES & LEADERSHIP SOLUTIONS LTD→ SC796853 · est 2024 · no financials extracted | — | — | — | — | 2y | — | — |
| INZ INFORMA LTD→ SC831207 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| IRENE EDUCATION LTD→ SC838376 · est 2025 · no financials extracted | — | — | — | — | 1y | — | — |
| ISLAAM ACADEMY LTD→ SC839377 · est 2025 · no financials extracted | — | — | — | — | 1y | — | — |
| ISSOS INTERNATIONAL LIMITED→ SC277930 · est 2005 · no financials extracted | — | — | — | — | 21y | — | — |
| ISYLLABUS FOR SCHOOLS LIMITED→ SC558323 · est 2017 · no financials extracted | — | — | — | — | 9y | — | — |
| ISYLLABUS LIMITED→ SC402797 · est 2011 · no financials extracted | — | — | — | — | 14y | — | — |
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
6 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.
Available from the Pro tier upwards.
See pricing →🔒Advanced scoring suite
Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.
Available from the Pro tier upwards.
See pricing →Company details
Statusactive
Typeltd
Incorporated2012-10-09
Jurisdictionscotland
Primary SIC85590 — Other education n.e.c.
Registered office
Fourth Floor
7 West Nile Street
Glasgow
G1 2PR
Scotland
Filing status
Accounts
Next due: 2026-09-30
Last made up to: 2024-12-31
Confirmation statement
Next due: 2026-11-12
Last: 2025-10-29
Officers (2 active · 12 resigned)
KEMP, Richard Craig→
Activedirector · ~43y · appointed 2025-10-02
View their other companies + combined net worth →
MACFARLANE, David→
Activedirector · ~44y · appointed 2025-06-18
View their other companies + combined net worth →
HBJG SECRETARIAL LIMITED→
Resignedcorporate-secretary · appointed 2012-10-09 · resigned 2012-10-09
ALEXANDER, David Turnbull→
Resigneddirector · ~58y · appointed 2013-09-23 · resigned 2018-05-03
ALMOND, Deborah Jane→
Resigneddirector · ~61y · appointed 2012-10-09 · resigned 2012-10-09
CASTELL, Andrew Sean→
Resigneddirector · ~58y · appointed 2012-10-09 · resigned 2013-09-23
DOYLE, Alison→
Resigneddirector · ~49y · appointed 2015-06-26 · resigned 2025-10-01
KENNEDY, Colin Cameron→
Resigneddirector · ~55y · appointed 2015-01-05 · resigned 2025-06-18
MCCREADY, John Edward, Mr.→
Resigneddirector · ~59y · appointed 2018-05-23 · resigned 2022-03-18
MCDONALD, Angus Francis→
Resigneddirector · ~64y · appointed 2013-09-23 · resigned 2018-05-03
MCLAUGHLIN, Steven→
Resigneddirector · ~63y · appointed 2013-09-23 · resigned 2015-01-09
MUNN, Paul→
Resigneddirector · ~63y · appointed 2012-10-09 · resigned 2018-05-03
NOBLE, Timothy Peter, Sir→
Resigneddirector · ~83y · appointed 2013-09-23 · resigned 2016-03-31
HBJG LIMITED→
Resignedcorporate-director · appointed 2012-10-09 · resigned 2012-10-09
Click a director name to see their full track record across all companies.
Mortgages & charges
9
Total charges
0
Outstanding
0
Active lenders
Status:Lender:9 of 9 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| satisfied | Santander Santander UK PLC (As Security Trustee) | A registered charge | — | 01/10/2020 | 06/04/2022 | |
| satisfied | Santander Santander UK PLC | A registered charge | — | 01/10/2020 | 06/04/2022 | |
| satisfied | Colin Kennedy / Alison Doyle / Richard Pryor-Jones | A registered charge | — | 25/06/2018 | 06/04/2022 | |
| satisfied | Santander Santander UK PLC as Security Trustee | A registered charge | — | 03/05/2018 | 06/04/2022 | |
| satisfied | Primary Capital Iv (Nominees) as the Creditor Primary Capital Iv (Nominees) Limited as the Creditor | A registered charge | 1 property | 03/05/2018 | 06/04/2022 | |
| satisfied | Alison Doyle as the Creditor / Colin Kennedy as the Creditor | A registered charge | 1 property | 03/05/2018 | 06/04/2022 | |
| satisfied | Santander Santander UK PLC | A registered charge | — | 03/05/2018 | 06/04/2022 | |
| satisfied | Santander Santander UK PLC | A registered charge | — | 03/05/2018 | 06/04/2022 | |
| satisfied | Virgin Money Clydesdale Bank PLC | Floating charge | 1 property | 24/01/2013 | 14/05/2018 |
Recent filings (98 total)
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-11-10
termination-director-company-with-name-termination-date
officers · TM01
2025-11-09
appoint-person-director-company-with-name-date
officers · AP01
2025-10-08
accounts-with-accounts-type-full
accounts · AA
2025-08-27
change-person-director-company-with-change-date
officers · CH01
2025-08-21
appoint-person-director-company-with-name-date
officers · AP01
2025-06-24
termination-director-company-with-name-termination-date
officers · TM01
2025-06-24
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-11-13
change-person-director-company-with-change-date
officers · CH01
2024-06-04
accounts-with-accounts-type-full
accounts · AA
2024-05-14
confirmation-statement-with-updates
confirmation-statement · CS01
2023-11-22
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC02
2023-11-15
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2023-11-15
accounts-with-accounts-type-full
accounts · AA
2023-05-04
confirmation-statement-with-updates
confirmation-statement · CS01
2022-11-04