The sale of its 55% interest in Malvern House Ireland was finalised at €660,000 according to an official statement released by AEC this week.

The CEO and major shareholder of Oscar World Education Ltd is the current CEO of Malvern House Ireland, Will Dowling.

Following the sale, Dowling said: “The initial focus will be on the continued development and expansion of MHIL and a creating a management team that can realise the growth objectives of OWEL.”

As part of the deal, Oscar World Education Ltd. signed a franchise agreement for one year to use the Malvern House brand for a royalty of 2.5% of tuition fee revenue until June 2017.

AEC said it had decided to sell “to provide more focus and resources on its wholly owned London and Far East operations”

In the statement, AEC said it had decided to sell “to provide more focus and resources on its wholly owned London and Far East operations”.

AEC bought Malvern House wholly in 2009 for around £4m, when it had just three locations in London.

In 2012, it expanded to open centres in Oman and Ireland, setting up the Dublin school with 55% ownership along with three other shareholders: Sean Lyons, William Dowling and Dammar Education Ltd. In the same year it brought its schools in Singapore and Malaysia under the Malvern House brand.

It has also opened Malvern House Cyprus and owns Malvern International Academy, formerly Kasturi College, in Kuala Lumpur, established in 1988.

The school in Dublin reported losses before tax of £183,662 on revenue of £2.37m for 2014 however will report a profit before tax of £241,555 on turnover of £2.88m for 2015, according to the statement released.

In the statement the company said: “The disposal will have no impact on the other operations of the group.”