A college group in Leicestershire has been placed in formal FE Commissioner intervention as it grapples with “serious cashflow pressures”.
The Education and Skills Funding Agency published a financial notice to improve for the SMB Group today.
The letter, dated July 27, said “serious cashflow pressures” leaves the college at a “heighted risk” which resulted in the college group being placed into intervention. SMB Group must now put together an improvement plan which could include plans to make some staff, while the need for emergency bailout funding from government will also be explored.
A spokesperson for the college group said it was facing a number of “challenges” impacting the wider sector, “including the aftermath of Covid-19 and significant economic challenges”.
