The new owners of the Institute of Education have tripled profits since they acquired the business in April 2023, new accounts have shown.The private grinds school on Leeson Street Lower in Dublin was sold by the Kearns family to a British group in a deal worth close to €130 million.New financial accounts for the group show the school’s turnover rose by 15 per cent to €26.5 million in the 12-month period to the end of August 2025.Operating profit also rose from €9.2 million to €10.5 million, while after-tax profit was up 9 per cent to €9.2 million.In the final full year of trading before the business was put up for sale, it recorded a €3 million profit, which means its earnings have tripled in the space of three years. The sale of the business by the Kearns family came after the school’s founder Ray Kearns, who was from Ballaghaderreen, Co Roscommon, died in 2022 aged 91.His son Peter and daughter Úna put the business on the market and a deal was struck to sell it to Dukes Education, founded by British entrepreneur Aatif Hassan, in early 2023. The new owners, based in the UK, has received financial backing from private investors Nomura and KKR and the UK’s Universities Superannuation Scheme.The group, which booked total revenues of £392.5 million (€458.8 million) in 2025, controls more than 30 schools across Britain, Portugal and Ireland. In 2024 the group also added Cork-based grinds school Bruce College to its portfolio in a deal worth a reported €9 million.[ Losses rise to €1.19m at online grinds school backed by Brian O’Driscoll and Caelan DorisOpens in new window ]In the latest financial year staff levels at the Institute of Education increased from 205 to 238, with employee costs up 15.6 per cent to €11.5 million.The new accounts for Tottoria Trading Limited, which trades as the Institute of Education, also showed it has total assets of €67.3 million and liabilities of €17.6 million. Some €39 million of assets are linked to its property holdings in Dublin 4. Since the acquisition in 2023, Dukes Education has secured planning permission to make a number of alterations to the existing premises to expand its presence on Leeson Street, with some of these works completed.In 2024 the school based near St Stephen’s Green said that it may be “forced to consider a relocation” if Dublin City Council did not approve its planned extension.