An arm of the crisis hit Learning and Skills Network (LSN) has been sold.
Ian Oakley-Smith, David Hurst and Karen Dukes of PricewaterhouseCoopers (PwC), the administrators of LSN, have revealed this afternoon that National Extension College (NEC) has been bought by the Open School Trust.
As previously revealed by FE Week, the LSN went into administration last month after its turnover dipped by £29 million in two years. It was also handling a pension liability of some £8 million.
The move saves 26 members of staff, who will transfer to the Trust, which has vowed to continue the NEC in the traditions of its founder Michael Young.
However, at this time, little information appears to be available on the Trust.
Mr Oakley-Smith, joint administrator and director at PwC, said: “We are pleased that a charity with such great lineage has gone to a buyer who both understands its ethos and is able to secure its long term future.
“The sale enables the transfer of 26 members of staff within the NEC, will allow existing students to complete their courses and will preserve future employment opportunities in the area for what we hope will be many years.”
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