Rumours are circulating that the College of Law is about to be flogged off to its own management.
RollOnFriday exclusively revealed last month that the College was gearing up for a sale. There had been clues including its recent enthusiasm for pursuing fees and sacking its staff, and the defection of a large chunk of management, and the College eventually issued a statement saying that it was looking at its options.
But it seems it's done more than just looking: sources say that bids are due in today, and that one of the options is a management buyout. The College's press officer denied this, saying that there was no truth in it and "the situation has not changed since our statement was issued and the College's strategic review is still ongoing". But Brunswick, the College's expensive PR agency, refused to deny it and wouldn't give any comment.
|Savage Island, how it may look
If the rumours have got legs, then they probably belong to a private equity house. Despite his chunky paypacket, even Chief Exec Nigel Savage is unlikely to have enough in his back pocket to pick up a business turning over £75million a year. So the new owners will expect serious returns on their investment, and RollOnFriday's bet is on a new look College ditching its charitable status and stripping its assets, with Savage and chums ultimately pocketing a fortune.
Watch this space.