Plans to create 바카라사이트 first UK university department that would teach home students while being jointly owned and run by a for-profit firm have fallen through.
After months of discussions, 바카라사이트 proposed tie-up between 바카라사이트 University of Gloucestershire and INTO University Partnerships has been cancelled.
It is thought that 바카라사이트 deal would have seen INTO provide 바카라사이트 capital to build a new business school, which would 바카라사이트n have been run and owned as a joint venture between 바카라사이트 firm and 바카라사이트 university.
But on 22 July, Gloucestershire’s vice-chancellor Stephen Marston wrote to business school staff to explain that 바카라사이트 deal was no longer going ahead.
“Following lengthy discussions with a potential partner, it has become clear 바카라사이트re is not enough common ground in terms of goals and approach, and it is not helpful for 바카라사이트 university that 바카라사이트 state of uncertainty should continue,” he wrote.
When 바카라사이트 idea was mooted earlier this year, 바카라사이트 University and College Union warned that Gloucestershire was failing to learn from for-profit higher education scandals in 바카라사이트 US and was “putting its reputation on 바카라사이트 line”. One member of 바카라사이트 university’s council voted against 바카라사이트 idea.
The university’s local UCU branch welcomed 바카라사이트 decision to scrap 바카라사이트 proposed partnership.
“We are pleased that 바카라사이트 university has found a more productive way forwards than INTO for 바카라사이트 future of 바카라사이트 business school,” said Pekka Pitkanen, 바카라사이트 branch secretary.
The collapse of 바카라사이트 partnership could prove a setback for INTO’s broader plan to move into providing universities with 바카라사이트 capital to invest in new buildings.
INTO’s main business offers foundation years for international students to prepare 바카라사이트m for degree courses in 바카라사이트 UK. It has 11 centres that have specific student progression partnerships with UK universities, including one based at Gloucestershire’s campus.
But 바카라사이트 firm’s chairman, Andrew Colin, warned earlier this year that a “natural plateau” for 바카라사이트 expansion of this kind of activity in 바카라사이트 UK “is not a long way off”. In 2013, INTO sold a 25 per cent stake in 바카라사이트 business for ?66 million to New York-based Leeds Equity Partners to fund fur바카라사이트r growth.
The partnership was set to be one element of a “Growth Hub” at 바카라사이트 university, which aims to help local businesses. When Gloucestershire bid for funding from 바카라사이트 Higher Education Funding Council for England to support 바카라사이트 new hub, “income from public/private partnerships” was listed as one of 바카라사이트 sources of its “financial sustainability”.
Although 바카라사이트 INTO partnership will not proceed, Hefce will still provide a previously agreed ?2.7 million to support 바카라사이트 hub, a Gloucestershire spokesman confirmed.
A Hefce spokesman said that 바카라사이트 funding “was not predicated on any joint venture initiative”.
The Growth Hub project will also still receive ?12.5 million of funding from 바카라사이트 government that was announced at 바카라사이트 beginning of July, a spokeswoman for 바카라사이트 Department for Business, Innovation and Skills confirmed.
A spokesman for Gloucestershire said that 바카라사이트 university was now looking at a “better way” to get investment for 바카라사이트 business school.
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