The new owners are members of the Cork-based Barry family and owners of Barry’s Tea brand (which accounts for 40% of all tea sales in Ireland, according to its website). The company was sold for an undisclosed sum.

“It brings certainty to both the third level college and the language school and we see it very much as a vote of confidence for the sector in Ireland”

Speaking with The PIE News, former IH Dublin Managing Director and now CEO Padraig Hourigan said the sale was a positive move for the business.

“It brings certainty to both the third level college and the language school and we see it very much as a vote of confidence for the sector in Ireland,” he said. “We have plans to develop the business over the short and medium term.”

The Irish news and media group bought IH Dublin in 2011 for a price of up to €1.6 million and combined it with International Colleges which offers courses in business, accountancy and law.

At the time of sale in 2011, IH Dublin had revenues of approximately €5 million annually, ex-owner Larry Finnegan told The PIE Review in an article focusing on entrepreneurs in the sector.

The reason given for the sale was a decision from the Irish media group to focus on its core operations.

In INM’s recently published annual report the company stated: “In late 2013, in a commitment to focus on the group’s core operations, the board announced its intention to dispose of INM’s education businesses.”

It is understood the schools, which include IH Dublin’s location in Cork, have been for sale for several months.

Recent closures of several third level colleges could have consequences for Ireland’s private sector reputation of Ireland’s abroad however Hourigan said the Independent College, accredited by regulating body QQI,  is “doing very well”.

“Ireland is recovering as a country and there are significant opportunities to grow our international education sector,” he said. “Having two quality educational brands attached to us leaves us well positioned to play a role in that.”