G8 said the buyer was TAK Operations, a subsidiary of the Genius Education Group.

The 31 centres, located in various states, were responsible for a loss of about $9 million before tax.

“Under the terms of the agreement, G8 will make a payment to Genius Education Group, to be allocated across the 31 centres, which combined with transaction costs and adjustments, totals $26.5 million,” G8 said.

However, the deal is still subject to conditions such as landlord consent and G8 said that was not guaranteed.

If it all goes ahead, the deal was expected to be completed in mid to late December or early 2024 and G8 said the conditions could mean the deal was achieved in tranches.

Managing director Pejman Okhavat said the company was always reviewing its centres to determine whether they met quality and performance standards.

“This agreement represents a significant milestone in our portfolio optimisation program and will leave us with a stronger network overall,” he said.

“A key condition for G8 was a commitment from Genius Education Group tom provide opportuities to our people who will transfer to the new owners.

“While there is some way to go in the process, we have every confidence that Genius Education Group will provide the ongoing, high level of service that the children, families and our team at these centres expect an deserve.