Malvern International’s £2 million education sector capital market raise

Raising growth capital under the new UK public offers regime

Malvern International sought to raise approximately £2 million through a fundraising exercise comprising a placing, retail offer, and potential directors’ subscription to strengthen international student recruitment and conversion, admissions, fee collection, and course delivery.

How our Corporate experts supported Malvern’s AIM fundraising

Led by Partner Karen Procter, with support from Solicitor Natalie McCann, our Corporate specialists provided full legal support to Malvern International on the fundraising – representing one of the first capital raises on AIM completed under the UK’s new Public Offers and Admissions to Trading regime, which came into force on 19 January 2026.

A successful circa £2 million capital raise to support Malvern’s next phase of growth

Alongside scaling up contracts with Wolverhampton, Cumbria, Liverpool, and London Metropolitan Universities, Malvern plan to use the funds to bolster international student recruitment and conversion, admissions, fee collection, and course delivery.

This case is a tangible example of the simplified Public Offers and Admissions Trading regime in practice – showcasing the scope for the reduced need for a full prospectus to widen access to investment.

The fundraise marks the beginning of a promising next phase of growth for Malvern – and yet another milestone in our long-standing relationship with them.

Reflections from Malvern International:

Richard Mace, CEO of Malvern International, said:

“We are pleased to have worked closely with Karen Procter and her team at Knights again on this transaction.

“Their commercial approach and guidance were key in delivering a successful fundraise.”

Reflections from Knights

Reflecting on the transaction, Corporate Partner Karen Procter shared:

“We are delighted to have helped our long-standing client access further funding for this promising next phase of growth via its listing on AIM.

“Hopefully, this marks the start of an anticipated uptick in secondary placings and other capital market fundraises this year, as the simplified regime has removed the need for an FCA-approved prospectus for many more raises.

“The new rules also allow for easier participation of retail investors, so we expect to see more companies including their retail shareholder base in capital fundraises as Malvern has done here.”

Key results, in review:

• Raised approximately £2.0 million through a placing, retail offer and potential directors’ subscription.
• Secured funding to support three recently won pathway contracts with UK universities, and a new 15-year contract with London Metropolitan University.
• Completed one of the first AIM capital raises under the new UK Public Offers and Admissions to Trading regime.