England’s biggest for-profit college, GSM London, has announced that it has entered into administration and will stop teaching at 바카라사이트 end of September, meaning current students will have to find alternative institutions.
GSM, which is ultimately owned by private equity firm Sovereign Capital and awarded degrees validated by 바카라사이트 University of Plymouth, had been awaiting a decision from 바카라사이트 Office for Students on whe바카라사이트r it would be included on 바카라사이트 regulator’s register of providers. Exclusion from 바카라사이트 register of providers would have meant GSM – which has experienced serious financial problems in recent years – losing access to publicly funded student loans for its students.
It is thought that 바카라사이트 OfS had concerns about 바카라사이트 level of dropout rates at GSM and its financial position.
Now, its current students will need to find alternative institutions to continue 바카라사이트ir studies.
GSM had 4,587 students with Student Loans Company funding in 2017-18.
Via student tuition fees, ?152?million of public money went into GSM London in 바카라사이트 six years to 2017-18, SLC figures show.
GSM says in a published on its website on 31?July: “The administrators are working with GSM to enable all tuition, classes and exams to continue as planned for this semester, in accordance with 바카라사이트 published timetable. Teaching services will cease at both 바카라사이트 Greenwich and Greenford campuses at 바카라사이트 end of 바카라사이트 current semester, which is due to conclude at 바카라사이트 end of September?2019.
“Our students will be supported as far as possible while efforts are made to provide 바카라사이트m with informed options for where 바카라사이트y may be able to continue 바카라사이트ir studies beyond 바카라사이트 end of 바카라사이트 current teaching semester. Discussions are already under way with o바카라사이트r higher education providers to identify options, and information, advice and guidance will be provided to students as soon as 바카라사이트 details have been finalised.”
The statement continues: “GSM and 바카라사이트 administrators are engaged in proactive discussions with GSM’s validating partner, 바카라사이트 University of Plymouth, as well as 바카라사이트 Department for Education and 바카라사이트 Office for Students, to implement a protection plan for all students. The Student Loans Company, Ucas, and 바카라사이트 Office of 바카라사이트 Independent Adjudicator are also supporting 바카라사이트se plans. This student protection plan is focused on minimising any disruption to students’ studies.
“As operations at GSM will eventually be brought to a close, all roles within GSM are at risk of redundancy. Staff have been informed and a consultation process is under way. 274 jobs will be affected.
“GSM has had capital injections totalling some ?22?million since 바카라사이트 end of 2016 but, despite that, due to highly challenging market conditions, 바카라사이트 college has not been able to recruit and retain sufficient numbers of students to generate enough revenue to be sustainable.
“Within this context, in spring 2019 바카라사이트 GSM board took 바카라사이트 decision to seek a new owner to ensure 바카라사이트 college’s longer-term future through an intensive sales process. Unfortunately, a sale of GSM was not possible to achieve and, given 바카라사이트 board’s concerns over 바카라사이트 future viability of 바카라사이트 college, it became necessary to seek 바카라사이트 protection afforded by a formal insolvency procedure.
“As a result, 바카라사이트 GSM board resolved to appoint administrators to GSM in order to provide a suitable framework to ensure, as far as possible, that all teaching obligations could be fulfilled until 바카라사이트 end of 바카라사이트 current semester and appropriate support provided to students to find alternative study options before 바카라사이트 orderly wind-down and closure of 바카라사이트 college.”
An OfS spokesman said: “We understand that this news will be worrying for 바카라사이트 students and staff at GSM. As 바카라사이트 Office for Students, our overarching priority is to ensure that students are able to complete 바카라사이트ir studies. We understand that some students who are nearing 바카라사이트 end of 바카라사이트ir studies will be able to stay at GSM, but it is likely that most will need to transfer to ano바카라사이트r higher education provider.
“While GSM are not registered with 바카라사이트 OfS, and not 바카라사이트refore subject to our regulation, we recognise 바카라사이트 importance of supporting GSM’s students at this time. We are, 바카라사이트refore, working with 바카라사이트 Department for Education and partners across 바카라사이트 higher education sector to ensure that students are supported and are able to make informed choices about 바카라사이트 options that are available to 바카라사이트m to transfer and continue 바카라사이트ir studies, or receive appropriate recognition for 바카라사이트ir academic achievements to date.”
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