Enterprise UK has selected Young Enterprise as the  preferred candidate to take over its Tenner programme.

The education charity announced in May that it was looking for a similar charity to take over the schools-based competition, after it lost its government funding and decided to wind up the charity.

The trustees of Enterprise UK said in a statement: “The trustees are pleased that this stage has been completed and will now enter into due diligence with Young Enterprise with the intent of completing the transfer as soon as practicable.”

Bates Wells & Braithwaite was appointed to oversee the tender process and an evaluation panel formed of one trustee and nominees from the CBI, British Chambers of Commerce, Institute of Directors and the Department of Business, Innovation and Skills assessed the expressions of interest before recommending Young Enterprise.

The programme’s assets include the Tenner brand and website, a contact database of schools, and full records of previous years’ schemes. It will also include operating capital of around £450,000, which will be restricted to deliver the Tenner progamme. Conditions of the tender stipulated that the successful candidate must commit to running the programme for at least three more years.

Young Enterprise is a business and enterprise education charity that was created in 1963. In March 2011 the 11 regional Young Enterprise charities in England and Wales merged to become one national charity.  

It already runs a range of business programmes in schools including its company programme enabling 30,000 15 to 19-year-olds to run their own company for a year with help from mentors.

According to accounts filed with the Charity Commission, its income for the financial year end 31 July 2011 was £5,727,000 with an expenditure of £4,293,000.