CITIC confirmed to The PIE News that they and Baring are no longer shareholders in WSE China and that it was sold to the original founder of the company, Luigi Tiziano Peccenini, who opened the first centre in Italy in 1972.

“[CITIC and Baring] remain invested in the Wall Street English International business”

They declined to give further details about the transaction but added that they “remain invested in the Wall Street English International business”.

According to its website, overall the company has over 420 centres across Africa, Asia, Europe, Latin America, and the Middle East, and currently enrols over 180,000 students.

WSE China was hit badly by the Covid-19 outbreak and earlier this year attempted to shore up its finances by cutting employee salaries in half for work they had already done, closing centres and laying off staff without notice. They are now hiring once again.

Other international English language brands in China have also been struggling to compete with cheaper local competitors and changing consumer preferences.

Peccenini, who is based in China, is now offering students a series of free seminars that will be released weekly on subjects related to personal and professional development, entrepreneurship, marketing and management.