The leader of the university claimed it was in a strong financial position as it had high cash reserves
Nottingham Trent University paid £9 million to more than 200 staff who agreed to resign amid mounting financial pressures, a new financial document has revealed. The city university had a surplus of £9.7 million in the financial year up to July 31, following a cost-cutting drive that saw around 230 members of staff leave.
Professor Edward Peck, Vice-Chancellor and President of NTU, said the institution had been impacted by higher operating costs and the only recently unfrozen student fees. “Like most other universities across the UK, we constantly review our business model to ensure we are delivering the best possible student experience whilst being able to secure our continuing financial sustainability," Prof Peck said.
Prof Peck said: “In October 2023 we opened a scheme where colleagues from some departments were invited to apply to resign voluntarily in return for receiving a one-off payment to support them in the next stages of their lives and careers. In May 2024 we widened the scheme to all colleagues and in total around 230 colleagues had their applications approved.
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