ABC sells off its vouchers arm

The division serves more than 12,000 customers in the UK. A sale process for ABC's UK nurseries business is continuing.

The Busy Bees group has 133 nurseries, including 11 in London.

ABC bought it in 2006 for £70 million, and added Leapfrog last year in a £31 million deal with education group Nord Anglia.

The group's UK assets are believed to be worth £145 million.

It is understood to have received six bids for the businesses, including one from the British unit of hotel operator Accor.

The debt-laden company hit the wall after an over-ambitious expansion led by the company's Ferrari-loving chief executive Eddy Groves.

Computershare chief executive Stuart Crosby says there were "clear synergies" between his firm and Busy Bees Childcare Vouchers.