Macquarie Anglican Grammar School has found a new owner to nurture its almost 500 students and expand its future.
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The Sydney Anglican Schools Corporation (SASC) was selected as the preferred purchaser for the Dubbo education facility and its Orange counterpart, five months after they were listed on the market.
The Anglican Diocese of Bathurst, the schools councils of Macquarie and of the Orange Anglican Grammar School and the SASC each announced the sale, for an undisclosed sum, at the weekend.
Contracts had been exchanged late on Friday between all parties, with settlement to occur by the end of September.
Macquarie, Dubbo's newest independent school which educates students from kindergarten to year 12, was given a guarantee the transfer of ownership would be as "seamless" as possible and not noticeable to its families.
The decision to sell both schools as going concerns little more than a decade after they opened their doors was taken by a diocese facing financial pressures.
While school finances were "absolutely secure" for 2013, the diocese was not in a position to continue to provide the finances and resources necessary to ensure the growth and development of the schools, school leaders advised.
They reported growth in enrolments during the first semester and yesterday anticipated a secure future with the entry of the SASC.
The largest Anglican school group in Australia, it already administers 17 independent schools in metropolitan Sydney and on the NSW South Coast and caters for the academic, spiritual and pastoral needs of more than 12,000 students.
Macquarie school council chairman Ron Hacker was part of the diocesan committee that considered the offers from potential purchasers.
The sale is the fulfillment of a process that started earlier this year, with more than 12 entities expressing initial interest in the schools.
A shortlist of two were invited work through the due diligence phase and Dr Hacker said he was delighted the SASC was selected as the preferred purchaser for both schools.
"The school council is excited about the possibilities that ownership by the Sydney Anglican Schools Corporation will bring," Dr Hacker said.
"Their long and distinguished history in running some of Australia's most successful schools and their extensive experience in operating schools in regional centres will ensure that Macquarie continues to grow to become one of the leading regional schools in NSW."
Macquarie school principal Geoffrey Fouracre offered assurances that the transition to new ownership would be seamless.
"Our school will remain as the Macquarie Anglican Grammar School that our families know and appreciate," he said.
"The staff and I are excited that we can now confidently plan a bright and secure future.
"The Sydney Anglican Schools Corporation has an outstanding reputation for running excellent, well-resourced schools and they will bring growth, new resources and financial security to our future.
"This really is the best possible outcome for our school community."