Grant Thornton advises Decoded

Decoded was founded in 2010 with the mission of making technology specialist skills more accessible, launching its first B2C training product ‘Code in a Day.’ 

Influenced by macroeconomic factors including the introduction of the apprenticeship levy in the UK in 2017, Decoded pivoted to focus purely on delivering B2B corporate training in the fields of AI, Data and Digital via government funded apprenticeship pathways and commercially funded programmes, partnering with blue-chip multinational organisations at a senior leadership level.   

Having grown revenues materially over the last three years, the Shareholders decided to pursue a transaction that would enable minority shareholders to exit (two co-founders and an institutional investor) whilst facilitating an opportunity for Decoded to deliver its outstanding training provision as part of a larger platform which could help to accelerate its growth potential. 

Grant Thornton’s Corporate Finance team is hugely experienced in the Skills & Training sector having completed a number of transactions in the space, and held a strong relationship with both First Intuition and Apiary Capital having advised on the sell side of a recent triple acquisition in 2025 which saw First Intuition acquire three franchisees (Cambridge, Chelmsford and Leeds). 

Leveraging the relationship with the Buyer and their PE sponsor, Grant Thornton led an off-market bilateral process which resulted in considerable value realisation for the Decoded Shareholders. The team delivered a hands-on approach throughout the transaction, negotiating overall value and deal structure as well as managing multiple workstreams including financial, commercial, tax and legal due diligence, supported by additional expertise from Tax and Valuations. This joined-up service delivered an outcome for the Shareholders that exceeded their expectations and resulted in Decoded partnering with a well-regarded organisation that is keen to support it in delivering its full potential as it looks ahead to its next stage of growth.