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A friend of ours (and his partner) have managed to finance the building, establishment and running of 13 child care centres over the last few years. He started around 2007 and has continued to grow in number through the GFC to now. Don't know the ins and outs of his financial affairs but...

My understanding was ABC Learning expanded very quickly and had a very high LVR, and when the share price plummetted they went under. So more to do with financial/accounting reasons than the childcare business itself.