The UK’s University and College Union has warned universities and colleges to think very carefully before entering partnerships with private firms after new research showed that every single joint venture between the private company INTO University Partnerships and its partner university or college made a loss in 2007-08 – the most recent figures available.
The five joint ventures between INTO and UK institutions, covered in the most recent accounts at Companies House, made a combined loss of nearly £3.5m. Those partnerships, including one at Exeter University where incoming Universities UK (UUK) president Steve Smith is vice-chancellor, are based on a 50:50 ownership basis. The union further discovered that Andrew Colin, the sole shareholder of INTO University Partnerships had, up to 31 July 2008, lent the company £5.5m in the form of interest free loans repayable on demand.
Read the full story on the UCU website
