UCC looking to sell Irish Management Institute

IMI has premises at the huge Sandyford campus in south Dublin and on Lapps Quay in Cork

UCC acquired the Irish Management Institute in 2016 for a reported €20m. 

University College Cork is seeking to sell the Irish Management Institute (IMI), including its huge Sandyford campus in south Dublin, in a process that has attracted at least two bidders, the Irish Examiner understands.

Established in 1953, IMI provides a range of business and management courses including professional diplomas, online courses and short programmes focused on leadership and professional development. A professional diploma with the institute costs over €11,000. 

IMI also has premises on Lapps Quay in Cork based out of the UCC Centre for Executive Education.

UCC acquired IMI in 2016 for €20m following several years of negotiations. It said at the time that no public money was used in the transaction.

Negotiations to merge the two institutions have gone back as far as 2009 but were halted due to the economic downturn.

The acquisition included IMI’s 13-acre site at Sandyford in Dublin. Following the acquisition, UCC has leased back the site to IMI, the payment for which goes to servicing the university’s loan repayment.

Since the acquisition, IMI has operated as a private company. It has been led by interim chief executive Shane O'Sullivan since January last year. 

When contacted for comment on the potential sale of IMI, a spokesperson for UCC said the institute is “subject to approaches from time to time” and it is the policy of the university to “not comment on market speculation”.

During the IMI’s 2022 financial year, it posted turnover of €12.5m — which was flat year-on-year. It recorded a deficit of €50,000 compared to the €1.2m surplus in 2021.

Last year, the IMI sought between 10 and 12 voluntary redundancies from its administrative staff.

CORK BUSINESS

A collection of the latest business articles and business analysis from Cork.