Independent charity The Work Foundation has been acquired by Lancaster University after becoming insolvent.
Independent charity The Work Foundation has been acquired by Lancaster University after becoming insolvent.
Under the terms of the transaction, which was for an undisclosed sum, The Work Foundation will continue to operate as a distinct entity from its London headquarters, and the 43 staff and brand name will be retained.
The deal follows the appointment of Jason Baker and Jonathan Birch, partners at the restructuring and insolvency firm FRP Advisory, as joint provisional liquidators to The Work Foundation after a pension deficit rendered the charity insolvent.
Baker comments: ‘Unfortunately a pension deficit is becoming a critical issue for many organisations, both public and private, in particular, the third sector. Having met with representatives of most major creditors, of which the pension fund is the largest, it was agreed with them that the best possible outcome was to sell The Work Foundation as a going concern.’
The Work Foundation is not-for-profit organisation that aims to improve the quality of working life by providing consultation to policymakers. It conducts research and produces reports on working habits and conditions.
Professor Sue Cox, dean of Lancaster University Management School (LUMS), says: ‘This development cements a long-standing relationship between LUMS and The Work Foundation.’
