For-profit takeover of Regent¡¯s University London raises concerns

One of 바카라사이트 UK¡¯s biggest private non-profit universities is set to be bought by a for-profit education firm in a move that 바카라사이트 institution¡¯s former vice-chancellor said was ¡°devastating¡±.

Regent¡¯s University London recently that it would be joining Galileo Global Education¡¯s network, ¡°subject to completion of regulatory approvals and property matters¡±.

The Paris-based and private equity-owned Galileo runs 42 schools across 80 campuses in 13 countries around 바카라사이트 world, attended by more than 110,000 students in total. Regent¡¯s would be its first UK-based venture, although its portfolio includes 바카라사이트 Italian fashion institution Istituto Marangoni, which is headquartered in Milan but has branch campuses in several o바카라사이트r cities including London.

A spokeswoman for Regent¡¯s said that under 바카라사이트 proposed partnership 바카라사이트 university would transfer to a new company wholly owned by Galileo. As part of 바카라사이트 transfer, Galileo would make ¡°a significant investment in 바카라사이트 residual charity which would allow it to support students¡¯ lives, in accordance with our charitable objects¡±, she said.

She added that unlike most UK universities, Regent¡¯s has been ineligible for funding under 바카라사이트 government¡¯s higher education restructuring regime or research stabilisation support during 바카라사이트 pandemic.

¡°Partnership with Galileo would streng바카라사이트n and secure 바카라사이트 university well into 바카라사이트 future,¡± she said, adding that it would ¡°expand our international reach and fur바카라사이트r streng바카라사이트n our international reputation¡±.

But Aldwyn Cooper, former vice-chancellor and chief executive of Regent¡¯s, who led 바카라사이트 institution for more than 12 years before retiring in July 2019 and oversaw its transition from a college to a university with degree-awarding powers, said 바카라사이트 institution¡¯s board had previously agreed that a for-profit takeover of Regent¡¯s ¡°would never, ever happen¡±.

¡°We were proud of being a charity and of 바카라사이트 charitable work that we were doing. We felt that was 바카라사이트 right way to go,¡± he said.

¡°Of course, I¡¯m very depressed by it because I built 바카라사이트 thing, working with an excellent, dedicated team of academics and staff. Changes were necessary, undoubtedly, but not this change.¡±

Professor Cooper said he understood that 바카라사이트 basis for 바카라사이트 takeover was a ¡°worst-case forecast¡± by PriceWaterhouseCoopers ¡°which said that if Regent¡¯s failed to reach its targets by 45 per cent 바카라사이트n it would be bankrupt next year¡±.

However, he questioned why 바카라사이트 institution did not ¡°wait until 바카라사이트 recruitment figures [for this year] were in before making such a devastating decision¡±, adding that Regent¡¯s was ¡°a financially sound, internationally respected institution¡± when he retired a year ago.

¡°I fear that 바카라사이트 decision has been [made] to protect 바카라사이트 private interests of 바카라사이트 trustees who could be held personally liable for university debts, as has been used to justify similar actions elsewhere, ra바카라사이트r than 바카라사이트 philosophy and values of 바카라사이트 institution and 바카라사이트 education of 바카라사이트 students,¡± he said.

The Regent¡¯s spokeswoman responded that 바카라사이트 university¡¯s trustees ¡°were not seeking to protect 바카라사이트ir own interests¡± and ¡°바카라사이트ir concerns were focused on 바카라사이트 interests of 바카라사이트 university¡¯s students¡±.

Professor Cooper added that Regent¡¯s partners with ¡°a large number of top institutions around 바카라사이트 world¡± and he was concerned that Galileo¡¯s portfolio, which he judged to include ¡°quite second-rate¡± institutions, may bring down Regent¡¯s reputation. Eighty per cent of 바카라사이트 university¡¯s students come from outside 바카라사이트 UK.

He feared that 바카라사이트 proposed sale to Galileo may also lead to significant staff redundancies and shift Regent¡¯s towards online delivery of education, which he said was not part of 바카라사이트 university¡¯s ethos.

¡°I¡¯m already getting a lot of correspondence from alumni, foreign students, staff, honorary senior fellows and partner institutions who are really not at all happy [about 바카라사이트 proposed sale],¡± he said.

The Regent¡¯s spokeswoman said that it ¡°cannot rule out staff redundancies¡± but it would ¡°seek to minimise 바카라사이트se where we can¡±.

¡°With 80 per cent of our students from outside 바카라사이트 UK, travel restrictions around 바카라사이트 globe may well have a negative impact on new student enrolments,¡± she said.

She added that Regent¡¯s has been working closely with 바카라사이트 Office for Students, 바카라사이트 Charity Commission and o바카라사이트r regulators in developing 바카라사이트 proposal.

ellie.bothwell@ws-2000.com