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Northants Private School Goes Into Administration.


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http://www.northamptonchron.co.uk/news/local/northamptonshire-mp-saddened-by-closure-of-private-school-near-northampton-1-6203554

"It was announced to staff and parents on Friday that the Great Houghton School had gone into administration, resulting in more than 30 members of staff being made redundant."

That'll teach them.

Edited by TheCountOfNowhere
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I'd imagine if the parents have paid the school fees up front then they will loose the lot ?

Have they been mis-sold ? Sure they we should have to pay them back, it's only fair. :blink:

I pay by the term. I assumed that was the norm. They could possibly find a cheaper school.

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It's a sure sign that people are skint. Lets face it, the cost of living is just too high and the biggest part of that is housing costs.

Who do we vote for to sort that out ?

Sadly you need to look here: http://policy.greenparty.org.uk/ho.html

"Affordable secure accommodation is a basic human need"

If they changed that to basic human right we would be on a winner. They would probably go back on their principles if elected. All the others do..........

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Just being a bog-standard GP or provincial Solicitor is not enough to put the kids through private school anymore once you've paid the mortgage and bought the fancy car.

The more prestigious private schools increasingly look overseas for students. The tinpot ones will increasingly go to the wall or, in some cases, become state academies.

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Another article 3 days or so ago - short piece when it was first announced closing. http://www.northamptonchron.co.uk/news/local/children-and-staff-face-uncertain-future-after-northamptonshire-school-closes-1-6202445

Since the recession a number of private schools have gone in administration because of decreasing numbers and falling land values.

Info from the ISC (Independent School Council webpage)

An independent school for boys and girls
aged from 3 months to 16 years

Size: 327 pupils
Day fees per term: £204 to £4,027
How to value a school – It’s an art, not a science!
16 May 2014
"Market value is the most commonly used basis of valuation...this reflects the realisable price between a willing buyer and a willing seller."

Durr. Yet some see fees racing away... (July 2014) http://www.housepricecrash.co.uk/forum/index.php?showtopic=199580

In 1990, average day fees, plus extras, for one child would have taken up 19 per cent of the average doctors’ salary, compared with 23 per cent for solicitors, 30 per cent for academics and 29 per cent for accountants. A plumber would have been required to put aside 39 per cent while fees would have taken 47.5 per cent of a construction worker’s salary.

But by 2014, fees for one child accounted for 36 per cent of a doctor’s disposable income, 47 per cent for a fund manager, 50 per cent for a solicitor, 51 per cent for an academic and 59 per cent for an accountant.

For most professional occupations listed, the proportion of income spent on school fees in 2014 was higher than the rate for a plumber and even a construction worker 24 years ago.

By 2027, researchers estimate that day fees will more than double again to £27,400, with a further £3,000-a-year needed for extras such as music lessons, uniforms and school trips.

It would result in a total price tag of £271,000, or £526,000 for two children.

The study suggests that a parent sending one child to boarding school from the age of 13 – after eight years at a day school – would be required to pay £435,000 or £831,000 for two children.

It suggests that fees for a single child will account for more than 50 per cent of a doctor’s disposable income, rising to 66 per cent for fund managers, 70.5 per cent for solicitors, 72 per cent for academics, 83 per cent for accountants. Costs would exceed the total amount of disposal income for a plumber – 102 per cent – and stand at 114 per cent for construction workers and 128 per cent for members of the clergy.'

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I'd imagine if the parents have paid the school fees up front

It's educational for them.

There is/was a loophole I read parents at other, more expensive, independent schools may have used. It goes/went something like this. Independent schools are registered as a charity, and don't pay capita gains tax on profits from investments. Parents invest a few years of fees upfront, and independent school invests the funds, with some side agreement that any profit will be shared 50-50, and parents profits knocked off the fees. Not heard of any parent coming undone with some schemes yet though.

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I'd imagine if the parents have paid the school fees up front then they will loose the lot ?

Have they been mis-sold ? Sure they we should have to pay them back, it's only fair. :blink:

You need to bookmark this page:

http://loseloose.com/

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  • 1 month later...

Now up for sale:

http://www.begbies-traynorgroup.com/begbies-traynor/accelerated-property-sales/great-houghton-hall-great-houghton_789.aspx

Substantial independent school premises circa. 17 acres

Offers are being sought in excess of £1 million for the freehold with vacant possession by Wednesday 17 September 2014.

The premises have been operating as an independent school since 1955 catering for ages 3 months up to 16 years. For the year 2013/2014 there were approximately 350 pupils. The school ceased operation in July 2014.

The property is a former residential property dating back to the 18th century. There were a number of additions along the 20th century including a dedicated music block, sports hall, assembly and dining hall along with other specialist facilities and prefabricated classrooms.

The school stands in approximately 17 acres of grounds which include playing fields, sports areas and car parking.

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Now up for sale:

http://www.begbies-traynorgroup.com/begbies-traynor/accelerated-property-sales/great-houghton-hall-great-houghton_789.aspx

Substantial independent school premises circa. 17 acres

Offers are being sought in excess of £1 million for the freehold with vacant possession by Wednesday 17 September 2014.

The premises have been operating as an independent school since 1955 catering for ages 3 months up to 16 years. For the year 2013/2014 there were approximately 350 pupils. The school ceased operation in July 2014.

The property is a former residential property dating back to the 18th century. There were a number of additions along the 20th century including a dedicated music block, sports hall, assembly and dining hall along with other specialist facilities and prefabricated classrooms.

The school stands in approximately 17 acres of grounds which include playing fields, sports areas and car parking.

That seems reasonable.The land would be worth the best part of £100k.

Quite how you'd turn a school into a wedding venue I don't know,but that does seem the choice for mini stately home owners.

o/t any chance of some auction action sometime soon M21er?

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