After giving up GEOS and Nova and his job, Masaki Inayoshi is back in the saddle.
According to the Asahi shimbun, GEOS, Nova, and its juku cram schools were sold (again!) as of October 1 by G.communication to Inayoshi Capital Holdings, an investment firm set up by former G.communication chairman Masaki Inayoshi, who gave up his position in August.
The diagram from the Asahi article illustrating the deal looks like this:
As the Chunichi shimbun reports, G.communication sold its 66% stake in G.education to Inayoshi Capital Holdings. Apart from wanting to focus on the restaurant business, G.communication felt that Inayoshi was the best choice for rebuilding Nova and GEOS.
This marks Inayoshi's return to eikaiwa after a very brief departure. However, the eikaiwa market is still in tatters following the collapse of Nova and GEOS. When G.communication took over GEOS in April, there were 230 schools. There are now 167 with the possibility that more closures will come. G.communication said that it gave up the schools in order to focus on its restaurant business.
G.communication's owner, Foody's ran into trouble earlier this year when its main bank, the Incubator Bank of Japan was shut down. In August, it announced it would sell its shares in G.communication to Hanshin Shuhan, a deal which is still being negotiated. The Asahi spoke to someone at Hanshin Shuhan who said that they had no interest in continuing to operate the English conversation schools.
It looks like a win-win situation for all parties involved in this case. As I mentioned previously, I likened what was going on to trading hockey cards. It appears that everyone involved got what they wanted. Inayoshi effectively keeps his English schools, and G.communication and Hanshin Shuhan get rid of a drag on their businesses.
The Asahi shimbun also deserves a little slap on the wrists for their reporting. Their article make reference to the sale as increasing uncertainty among students (わずか半年で再び身売りされ、受講生の間に不信感が広がりかねない。) What about the teachers? How about a little love for them? I guess not. I guess there aren't enough to care about anymore. They'll simply fade away should Inayoshi's business fail in the future.