JSE-listed school operators were regarded as recession-proof as pressure on the public education system saw an increasing number of parents opt for private education, prompting Curro and AdvTech to expand.

But the pandemic and the subsequent economic fallout have shown not even education is unaffected. This week Curro's half-year results laid bare the pressure families are under, prompting the company to increase its bad-debt provision fivefold.

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