Vice-Chancellor: the University of Bolton in strong financial position

The Vice-Chancellor of the University of Bolton has issued the following statement reports by the Sector Regulator, the Office for Students, that some universities may be facing risk associated with high levels of debt and overestimated student number growth predictions. This may lead to a position where universities are not financially sustainable. Professor George E Holmes said that the University of Bolton would “be here for the long run due to its excellent reputation for student satisfaction and prudent financial management”. He said: “In fact, I would go as far as to say that the University of Bolton is probably the number one university in Greater Manchester for financial sustainability.” “I want to send out this message to reassure students who are considering coming to this wonderful university to study. We have an (ever strengthening) reputation.” Prof Holmes added: “It is the case that other institutions in the HE sector face huge financial challenges; but let me be absolutely clear – the University of Bolton has no debts or borrowings of any kind.” “We are one of the best in the UK for our low levels of borrowings. It does not get any better than having no debts at all!” “Thus we can assure you that the University of Bolton, unlike many others, is far from experiencing any financial difficulties and has very sound levels of cash and liquidity. Reserves are also relatively strong.” “We are proud of the way we manage our finances at the University of Bolton and our financial sustainability is excellent.”