A Leicestershire college group in severe financial trouble has found a proposed merger partner to secure its future.<\/p>\n
SMB College Group is consulting on a partnership with Loughborough College, with the merger expected to be finalised by August 2025.<\/p>\n
Last July, SMB received a government warning notice due to serious cash flow issues.<\/p>\n
Commissioner Shelagh Legrave later flagged insolvency risks after the group was revealed to be reliant on emergency funding of \u00a34.6m.<\/p>\n
After the consultation, both colleges will establish a joint merger steering group of governors to oversee the proposal and conduct.<\/p>\n
Final approval will also be needed from the Department for Education.<\/p>\n
Corrie Harris, principal and CEO at Loughborough College, said: “This partnership represents a highly exciting proposition, promising significant benefits and opportunities for students, staff, and employers throughout Leicestershire.<\/p>\n
\u201cWe hope that it will be transformational, by delivering greater economic prosperity and by offering a larger number of students from across our region an outstanding experience.\u201d<\/p>\n
Dawn Whitemore, principal and chief executive of SMB College Group, said: \u201cThis strategic partnership marks an exciting step forward for both our colleges as we combine our strengths to enhance educational opportunities for our students and community.<\/p>\n
\u201cWe are pleased to be working with a partner with the same values and passion as SMB College Group.\u201d<\/p>\n