Working together to guide the future
Since the announcement in March that the Aviation, Tourism and Travel Training Organisation (ATTTO), the Hospitality Standards Institute (HSI) and the Retail Institute were entering into a due diligence process for a potential merger much progress has been made.
Requests for proposals (RFPs) have been completed and a contractor has been engaged. BDO Wellington is currently undertaking the due diligence covering the financial implications and the benefits to customers and key stakeholders. The report is due to be completed by the end of June.
Running concurrently are some Government initiatives relating to industry training. The Ministry of Education is undertaking a review of Vocational Education and the Minister of Tertiary Education, Steven Joyce, is due to announce his recommendations in June. This announcement is likely to include the future shape of ITOs and any changes to the current system.
Whilst it is too early to speculate the outcome on any of the above, a positive working relationship has been established between the three ITOs. The first action was to form a Steering Group with representation from each ITO consisting of three board members and Chief Executive from each ITO.
The purpose of the Group is to lead the ITOs through the programme of events surrounding due diligence, any changes to the shape indicated by the Government and to maintain momentum during this process. It is important to ensure that industry input into the decision process is included post the due diligence stage.
A request for proposal will be distributed in May calling for legal services during the due diligence stage and, should the findings recommend a merger, continued legal advice for a merged entity.
As the process moves forward we will keep you updated on key outcomes.