All Hallows College

In 2014 All Hallows College Trust confirmed that it had exhausted all cash reserves available to it and was fearful that the value of their main asset might not meet the Trust’s liabilities to staff and students. Upon confirmation of this position, All Hallows trustees announced the closure of the College and confirmed their commitment, that all existing students would be accommodated to complete their educational courses. Therefore a source of capital to see out commitments was sought.

Key Aspects of WK Nowlan Role:

  • Advisers to Trustees of All Hallows College
  • Strategic advice to maximise return to Trust
  • Multi-lateral stakeholder identification and engagement
  • Preparation for sale
  • Liaison with other professional advisers – accountants and solicitor
  • Media relations – retrieving a difficult position
  • Preparation of prospectus
  • Marketing & promotion
  • Securing offers
  • Chairing interview process to identify shortlist of parties in commercial and educational sectors
  • Conducting second round of bids
  • Identification of leading commercial and educational parties
  • Negotiation of sale of assets to DCU
  • Assisting in the negotiation of Teach-Out Agreement with DCU
  • Preparing of application to Archbishop for consent
  • Preparation of application to Rome for consent
  • Preparation of application to Charities Regulatory Authority

Outcome

Negotiated the disposal of the College campus to DCU, meeting the aims of the Trustees, and doing so in a process which secured Rome consent despite more valuable commercial offers being available. Substantial surplus funds remained for the benefit of the Trust and its objectives.