"STAFF, parents and children of The Bolitho School in Penzance face an uncertain Christmas and new year with the news that administrators have been called in.
The school, which has 350 pupils aged from four years to 18 and employs about 150 teaching and support staff, was placed in the hands of Grant Thornton on Tuesday and it may not reopen for the spring term on January 4.
Reports of financial difficulties at the school emerged at the start of the year when parents successfully raised £500,000 following the withdrawal of overdraft facilities by HBoS while in September, staff were asked to take a 15% pay cut at the start of the school year."
Somewhat belatedly, the school announced the following, on their website:
"The Board of Governors of the Bolitho School regret to announce that the Bolitho School Foundation and IBolitho Ltd have been placed into administration with effect from 23rd December 2009.
Further details of the circumstances and consequences of the Administration have been provided by the Administrators, Grant Thornton, and the Board of Governors. These letters have been sent by email and by first class post to all parents and staff. If you are a member of the parent or staff body and have not yet received direct communications, please email mford@bolithoonline.co.uk with your details and all information will be sent to you."
So the overall problem is lack of finances.
According to Steve Litherland, this may be quickly resolved:
"
There has been a fantastic response to the suggestion that we carry on paying fees either monthly or termly and replies are still coming in. I have tried to reply to each one but if not ...then apologies..we did have to go "up North" for a couple of days and it was difficult to spend much time on the laptop
The Administrators have confirmed that we only need to cover the pure operational costs which helps enormously
Some parents have just confirmed support which is great whilst others have provided year groups etc. The fees do vary and some will have minibus costs to pay as well
To date there are 149 confimed pupils and I "guesstimate" that ideally 180 - 200 would be preferable. However replies are lacking from the nursery parents...only about 6 so far....and parents of sixth form foreign students who are only just starting to reply.
We will have a further push tomorrow and may hand out a simple proforma sheet to collect pupil names/year group and contact details.I am in constant touch with the Administrators who remain supportive and helpful but we need to ensure that the baseline costs are covered"
Note again the rearing of the 'finance' head.
Unfortunately this is not the first time this has happened:
"AN independent school has appealed to parents for an emergency £500,000 bailout after its bank credit was abruptly withdrawn.
The Administrators have confirmed that we only need to cover the pure operational costs which helps enormously
Some parents have just confirmed support which is great whilst others have provided year groups etc. The fees do vary and some will have minibus costs to pay as well
To date there are 149 confimed pupils and I "guesstimate" that ideally 180 - 200 would be preferable. However replies are lacking from the nursery parents...only about 6 so far....and parents of sixth form foreign students who are only just starting to reply.
We will have a further push tomorrow and may hand out a simple proforma sheet to collect pupil names/year group and contact details.I am in constant touch with the Administrators who remain supportive and helpful but we need to ensure that the baseline costs are covered"
Note again the rearing of the 'finance' head.
Unfortunately this is not the first time this has happened:
"AN independent school has appealed to parents for an emergency £500,000 bailout after its bank credit was abruptly withdrawn.
The governors of Bolitho school in Penzance, Cornwall, last week called parents to a meeting in the pupils’ gym to announce that they needed to raise the money within weeks or the school would close.
The plight of Bolitho, which teaches 350 children from four upwards, is the latest evidence of the impact the recession is having on private education."
When a business is in financial trouble there are really only two remedies:
a. increase sales revenue
b. reduce total costs
According to Julia Hopson, a Bolitho governor, the school was trading at a surplus and that pupil numbers were growing. That was in January 2009.
So what has gone wrong - and what can be done to put it right?
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