New figures reveal college merger received £13m of public money
The merger of New College Nottingham and Central College Nottingham in 2017 was aided with some £13m of Government money, according to new figures.
The Education and Skills Funding Agency (ESFA) has revealed that New College Nottingham is one of 34 colleges across the UK which received loans or bailouts by July 2018. The merger means that Nottingham College is one of the largest in the country.
In total some £270m of loans and grants was issued to colleges.
A spokesperson from Nottingham College told TheBusinessDesk.com: “Nottingham College exists as a result of a merger between New College Nottingham and Central College Nottingham in 2017. As is the case with most merging colleges, we received some financial support, in the shape of a loan, to support this process and help cover the costs of the merger.”
Nottingham College will move into its £58m City Hub campus next year. The scheme is currently being developed and will be home to 2,000 students.
The City Hub’s £58m cost will be covered by an £18m loan from Nottingham City Council, College funds and £30m from D2N2.
Other East Midlands colleges which received government money include the troubled West Nottinghamshire College (£2.1m) and North Warwickshire & South Leicestershire College, who also merged (£2.8m).
