Nuneaton school announces closure after 'running out of money'

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Nuneaton school announces closure after 'running out of money'

Postby dutchman » Tue Aug 06, 2019 8:19 pm

Parents have been called to a meeting at Milverton Prep tonight

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Nuneaton’s only fee paying school has been forced to closed as it has ‘run out of money to survive’,

Parents of pupils at Milverton Preparatory School this afternoon (August 6) received a letter to say that the school, which has been open for more than three decades, was shutting immediately.

It leaves them with less than a month to find new schools for their children before the new academic year starts.

A meeting has been called at the Park Street-based school at 6.30pm tonight for parents to gain more information.

In the letter, which CoventryLive has seen, it states that in recent times the ability to cover the running costs of the school has been ‘increasingly difficult’ and the school has had to receive inflows of cash for the last three years from the owners to survive.

“Over the past 12 months the owners and senior management team have worked tirelessly trying to find a structure that would allow the school to continue, whilst still providing a high level of education and pastoral care,” it states.

“New ownership and or management has been sought but none willing or capable has emerged.

“Everyone involved with the school from the owners to the staff to the parents and through to the children, love the school with an enormously big passion.

“Regretfully all of this love can not be matched by the financial reality of a school that has run out of money to survive.

“The board most recently sought the expert advice of Duff & Phelps, corporate restructuring experts based in Birmingham, who concluded with the board, that in the absence of a significant cash injection or a sale of the company’s business, that the board would have little alternative but to take the steps necessary to immediately cease to trade and to take the steps necessary to place the company into Creditors Voluntary Liquidation.

“Consequently, it is with much regret and sadness therefore that Board of Milverton Preparatory School has concluded that the situation cannot continue any further and have taken the decision to cease the school operation with immediate effect. The school and nursery will close today, Tuesday 6 August 2019.”

The writing has been on the wall for the school ever since parents first voiced concerns about the situation at the school.

Milverton House has been Nuneaton’s only fee-paying school for more than three decades and costs up to £10,000 a year for pupils to attend.

In recent years it has been well-documented that the school has faced issues.

In 2017, Ofsted inspectors rated the school as ‘inadequate’ and this then led to an ‘improvement notice’ being issued by the government, demanding that the school draws up an action plan to turn its fortunes around.

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