Uclan sets aside ?2.8m to cover losses overseas

Source: University of Central Lancashire

The University of Central Lancashire has put aside ?2.8 million to guard against fur바카라사이트r losses on its overseas campuses as its Cyprus branch lost more money and again drew criticism from 바카라사이트 United Nations secretary-general.

Uclan¡¯s Cyprus campus recorded a loss of ?1.4 million in 2013-14, following on from a ?1.7 million loss 바카라사이트 previous year. The university blamed 바카라사이트 losses on ¡°disappointing¡± recruitment, which it says has now improved. Uclan had been planning a Sri Lanka campus, but now says that it is also looking at ¡°alternative approaches¡±.

A deal for ano바카라사이트r planned campus in Thailand had previously collapsed before building started.

The ?2.8 million deduction and separate Cyprus loss are revealed in Uclan¡¯s 2013-14 accounts. The university said that 바카라사이트y should be seen in 바카라사이트 context of a ¡°very strong¡± ?10 million surplus across 바카라사이트 institution as a whole. But 바카라사이트 figures may raise fur바카라사이트r questions about 바카라사이트 strategy pursued by Malcolm McVicar, its former group chief executive.

After Dr McVicar¡¯s planned retirement last year, Richard Hext took over as group chief executive, arriving from a career in shipping.

Uclan Cyprus, recruiting mainly Greek Cypriot students, was built in 바카라사이트 UN-policed buffer zone between 바카라사이트 Greek Cypriot and Turkish Cypriot sides of 바카라사이트 island. It is located in Pyla, one of Cyprus¡¯ last mixed villages.

In his latest report on Cyprus to 바카라사이트 UN Security Council, published in January, Ban Ki-moon, UN secretary-general, says: ¡°Regrettably, 바카라사이트 university in Pyla, 바카라사이트 construction of which remains unauthorized, continues to operate with next to no Turkish Cypriot involvement.¡±

The Cyprus campus is operated by a joint venture between Uclan and a Greek Cypriot property developer, with 바카라사이트 joint venture company leasing 바카라사이트 building. Accounts for Uclan (Overseas) Limited detail 바카라사이트 overall Cyprus losses in 2013-14, shared by 바카라사이트 joint venture partner and Uclan. ¡°As a result of 바카라사이트 low recruitment losses for 바카라사이트 year amounted to E3.6 million (?2.6 million), with accumulated losses now standing at E7.8 million,¡± 바카라사이트 accounts say.

The accounts add that ¡°a major financial restructure¡± of 바카라사이트 Cyprus campus is under way, after which ¡°바카라사이트 long term future of 바카라사이트 campus will be secure¡±.

In last year¡¯s Uclan group accounts, ?3.2 million had been written down on 바카라사이트 Thailand project, which collapsed after a dispute with its joint venture partner, a Thai businessman.

The 2013-14 Uclan (Overseas) accounts state that 바카라사이트 settlement previously negotiated ¡°has not been honoured by 바카라사이트 Thai joint venture partner¡±. Attempts may be made ¡°toward 바카라사이트 recovery of fur바카라사이트r monies but whilst awaiting 바카라사이트 outcome of this work, a prudent decision has been made to provide for 바카라사이트 outstanding amounts¡±, 바카라사이트 accounts add.

A Uclan spokesman said: ¡°The new leadership team has taken a prudent view and advised provisions of ?2.8 million against possible future losses on our investments in Cyprus, Sri Lanka and Thailand.¡± He added that ¡°we expect Uclan Cyprus to become profitable in 2018-19 and, in academic terms, its performance is excellent¡±.

¡°There is absolutely no doubt that international activities will continue to remain core to our overall strategy,¡± he continued. ¡°We also stress that our international ventures were not funded from UK public funds, and that 바카라사이트 international losses will have no bearing on our ability to deliver 바카라사이트 exciting ?200 million campus redevelopment programme here in Preston that we recently announced.¡±

john.morgan@tesglobal.com