Expert support for informed decision making.
Navigating school expansion, mergers, or acquisitions requires a thorough understanding of financial, operational, capital and governance risks. At Gail Khan Associates we offer comprehensive due diligence services for schools and Multi Academy Trusts to ensure that Trustees, Governors and Leaders have the insights needed to make confident, informed decisions.
We offer three levels of Due Diligence service to tailor to your requirements:
In early 2023, Cavendish Learning Trust (CLT) began considering a merger with a larger trust as a strategic move to support their growth and development. After receiving a list of potential Multi-Academy Trusts (MATs) from the Department for Education (DfE), CLT sought the expertise of Gail Khan Associates (GKA) to conduct a two-stage options appraisal and due diligence process. The goal was to create a shortlist of suitable MATs to approach for further discussions regarding a potential merger.
GKA led the forensic intelligence gathering necessary to evaluate the potential trusts and create a strategic recommendation. GKA conducted a thorough analysis, ensuring a comprehensive understanding of each trust. Six critical areas were identified to guide the review, including trust locality, governance, vision and values, performance, finance, and reputation.
Using this framework, GKA began evaluating the longlist of 30 MATs down to 14 trusts. GKA continued its detailed evaluation of the 14 shortlisted MATs using the six KLOEs. GKA then discreetly contacted each trust to assess their interest in a potential merger. Those that expressed openness to further discussions were shortlisted for the next stage. At this point, the MATs contacted were unaware of the identity of the trust GKA was representing, ensuring confidentiality and strategic discretion.
Minerva Learning Trust (MLT) was identified as the preferred partner for CLT. GKA then facilitated further discussions and supported CLT in evaluating MLT as a merger candidate.
Learn more:
GKA conducted an in-depth due diligence exercise to ensure the strategic fit. This process covered education performance and school improvement initiatives; financial health and governance structures; HR, H&S, estates management/compliance, IT infrastructure, safeguarding practices, and GDPR.
GKA’s due diligence confirmed that MLT’s governance, vision, and capacity aligned with CLT’s strategic objectives, paving the way for the merger. After both parties resolved to proceed with the merger, GKA was commissioned by MLT to conduct detailed due diligence on CLT. A comprehensive 131-page report was submitted to MLT’s board in December 2023. This report provided insights into CLT’s performance in education, HR, finance, health and safety, estates, IT, safeguarding, GDPR, and governance.
Following the successful due diligence, GKA continued its involvement by project managing the entire merger process. This involved navigating the complexities of bringing together two organisations with distinct cultures and systems. GKA took charge of coordinating legal requirements, ensuring full compliance with regulations, and managing communications with key stakeholders, including the respective Boards.
By acting as the central liaison, GKA ensured that the merger progressed smoothly, managing risk, addressing concerns, and maintaining momentum towards a successful integration. This also included working closely with DfE Officers, legal teams, overseeing stakeholder engagement, and ensuring a cohesive transition plan that aligned with both trusts’ strategic goals.
GKA’s thorough approach in conducting the options appraisal and due diligence resulted in MLT securing urgent capital funds and a successful merger between Cavendish Learning Trust and Minerva Learning Trust. Both trusts are now poised for a collaborative future, leveraging their combined expertise to enhance educational outcomes and organisational growth.
In 2019, Gail Khan Associates (GKA) began working with the Lichfield Diocesan Board of Education to provide project management support for the establishment of a new Multi Academy Trust (MAT) and Academy conversions. GKA supported the Lichfield Diocesan Board of Education in preparing the application to the Department for Education (DfE) to set up a new MAT which would be known as Three Spires Trust. The Three Spires Trust officially launched on 22 January 2021, following a detailed and structured planning phase. GKA played a key role throughout the process, working closely with Lichfield Diocesan Board of Education and the schools involved to ensure seamless integration into the new Trust.
GKA’s project management team provided end-to-end support to ensure the successful formation of the new MAT. GKA guided the Lichfield Diocesan Board of Education in preparing the necessary documentation and application to the Department for Education (DfE), meeting all required standards and criteria for the formation of a new MAT. GKA meticulously monitored the risk register throughout the project, identifying potential challenges and developing mitigation strategies to ensure the project remained on track. They facilitated key consultations with staff, parents, and other stakeholders to ensure smooth transitions and alignment with legal and regulatory requirements. GKA provided expert legal advice throughout the project, ensuring that all processes were compliant with regulations, including matters related to HR and TUPE (Transfer of Undertakings Protection of Employment). We led the recruitment of the central team for the Trust, including vital roles such as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), ensuring the Trust had the right leadership and expertise in place.
Learn more:
The successful formation of the Three Spires Trust marked a significant milestone in uniting schools under a shared commitment to high-quality education, strong governance, and tailored support. GKA played a pivotal role in ensuring the smooth integration of multiple schools, each with distinct needs and challenges, into the new Trust. A key achievement was the establishment of a robust leadership team, including the recruitment of essential roles such as the CEO and CFO, to guide the Trust’s strategic direction. As the Trust continued to grow, welcoming additional schools over time, its regional impact and collaborative strength expanded. This project stands as a clear example of how GKA’s expertise in project management, legal guidance, and leadership recruitment can drive the successful creation and development of a Multi Academy Trust.
South York Multi Academy Trust (SYMAT) and The STAR Multi Academy Trust (STAR), two well-established academy trusts in North Yorkshire, embarked on a strategic merger to form a new, larger multi-academy trust for the region. Both existing trusts are mixed MATs and include Church of England schools. Their goal was to consolidate strengths, identify efficiencies, and enhance school improvement capacity across a wider network.
GKA was commissioned in October 2024 to provide independent project management support, covering the DfE application process, comprehensive due diligence, stakeholder consultation, and executive structure planning.
Together, SYMAT and STAR oversee 17 schools, with 7,000 students and 1,000 staff. They share a commitment to their values including inclusion, collaboration, aspiration, and integrity. The merger was driven by a common educational vision and leadership approach, a desire to strengthen long-term sustainability, and an opportunity to deliver greater impact at scale. The Department for Education had also encouraged trust consolidation to promote more resilient and effective MATs.
GKA provided end-to-end project management support for the merger across five key areas:
- DfE Application – Managed all aspects of the formal submission, including document collation, formatting, timeline planning, and coordination with key stakeholders.
- Due Diligence – Conducted thorough reviews across finance, HR, and estates to inform risk planning and support trust board assurance.
- Stakeholder Engagement – Delivered a multi-strand engagement strategy including producing comprehensive engagement materials, managing staff and stakeholder meetings, online surveys, FAQs, and a final engagement report and Q&A document.
- Executive Structure Planning – Facilitated leadership planning to support governance and operational continuity in the new MAT.
- Overarching project support – GKA worked directly with both trust leadership teams, chairs of the boards, and a project steering group to scope and manage the project. A detailed merger project plan was developed and maintained, with progress reviewed in regular meetings at multiple levels.
Learn more:
The Department for Education formally approved the merger in March 2025 with no conditions. Staff and stakeholder engagement was strong, with feedback highlighting opportunities in collaboration, financial benefits, and improved staff and student experiences. Concerns raised during consultation (such as maintaining autonomy, communication, and job security) were acknowledged and addressed in project plans.
GKA’s oversight allowed leaders to maintain focus on delivering core educational priorities during the transition.
GKA will continue to support the trusts through the next phase of merger implementation to September 2025, including delivery of a comprehensive onboarding programme for year one and beyond.