Abc child care stock market

By: Kotoffsky On: 19.07.2017

Edmund Stuart "Eddy" Groves born 16 June is an Australian businessman, founder and former chief executive officer of ABC Learning , once one of Australia's largest companies and one of the world's biggest childcare providers prior to going into administration.

In January Groves was declared bankrupt. Eddy Groves was born in Durban , South Africa , to a soldier and a schoolteacher. The family returned to Canada in late A further relocation in July found the family on the West Coast , at Victoria, British Columbia. Groves had arrived in Australia by and settled in Queensland.

After leaving school, he enrolled at university to study for a business degree. He left halfway through, eager to engage in business rather than learning about it, and got his first job as a clerk with the ANZ bank.

Armed with a loan from his wife's father, he bought a distributorship when he was nineteen years old, which was the start of his business career.

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He expanded his milk distribution business to the point where his company, Quantum Food Services, was the biggest distributor of milk in Queensland. In , at the age of nineteen, Groves married Le Neve, with whom he has two daughters.

abc child care stock market

The couple split in the late s, with his wife gaining custody of the children. She sued her former husband for "unjustly enriching himself" while he was in control of ABC. In , Groves and his subsequently estranged wife, Le Neve, opened a childcare centre in suburban Brisbane, having previously concluded that childcare was a universally "needed service" much like milk distribution. They both held a However, in February , with the share price falling rapidly, both Groves and his wife had to sell their entire shareholdings in the company because of margin calls by banks who had lent against the value of the shares.

The fall in the share price was caused by a 42 per cent fall in net profit, and rumours that the company was in default of its lending covenants. Even though Groves stated to the ASX that ABC had complied with its financial obligations, there was concern that several directors had sold shares in the days leading up to the announcement, before the price fell, and that Groves had not fully revealed the effect that the stock losses would have on the business through the effect of margin calls by lending partners.

At the end of February , the ASX was reported to be watching activity closely. Groves and his wife left the company in September On 6 November , ABC Learning Centres Ltd voluntarily appointed administrators for the ABC Group. The Federal Government gave ABC childcare financial security to keep it operating to the end of December The centre ABC network was eventually sold off.

ABC Learning's collapse | financial reality of child care

Most centres were sold in December to GoodStart , a newly formed not-for-profit group [6] created by a coalition of charitable organisations. In January Groves was charged with "aiding an alleged dishonest use of position by fellow ABC Learning director Martin Kemp" in regards to the sale of three childcare centres to ABC Learning by Kemp.

In June Kemp was found not guilty in the Brisbane District Court of charges of breaching his director's duties.

As a consequence, Groves case was reviewed and in July the charges against Groves were "discontinued" by the Commonwealth Director of Public Prosecutions. In late January Groves was declared bankrupt.

In , Groves purchased the Brisbane Bullets basketball team that competes in the National Basketball League competition. He restructured the organisation, he injected funds and caused the team to be much more successful. In April Groves announced that he was putting the Bullets on the market to "focus all [his] attention on ABC". Due to his lavish lifestyle and love of expensive exotic sports cars such as Lamborghinis , Eddy Groves is nicknamed "Fast Eddie".

Groves had investments in other companies outside ABC: ELMM in turn owned a significant stake, in Ezi Debit, which handled payments for many ABC parents.

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