Last week I reported on the demise of Carter & Carter plc, one of the main training providers under the Learning & Skills Council's 'Train to Gain' initiative.
Also last week, my M&A team including myself poured over the accounts of the C&C wreckage at the very moment that our esteemed Chancellor was announcing yet more monies to be poured into the skills hole. Remember C&C have received funds in EIGHT out of the designated NINE areas for assistance - to date some £90 million of funds.
We were particularly interested to look at an opportunity to provide a further base to the School's offerings.
Alas, even we had to acknowledge that we could not offer just a token £1 to buy the £120m turnover business and can understand why C&C went into administration.
It's worse than any 'slasher movie'. Having only 24 hours to put a bid in meant that we had to be sure. But having to review a significant amount of paperwork with so much red ink - the question was what haven't we been told - after all C&C's accounts have not been filed since 2006 and management accounts were all we had to go on.
Last week I raised the point about the business model. It would appear that C&C's model was to buy up fairly successful businesses with debt to cover up what appears to be a hopelessly loss-making business from LSC funds (I mean serious loss-making......).
As I have said there seems to be a world where it's all music lights, dancing - a general lah-lah, involving government, stock market, hob-nobby directors and awards etc. Then the music and dancing well and truly stops and we have to play in the real world.
Looking through the accounts you can see the warning signs, and similar to the Enrons and Worldcoms, everybody was too caught up in the dream to ask questions.
It's not the first time I've mentioned private firms in receipt of government funds and it probably won't be the last.
Coincidentally, breaking news about LSC's future this morning kind of puts it all in perspective.
But if LSC want to disburse more funds to quality providers who have true social enterprise at heart then I expect a phone call but I won't hold my breath.
