Mansfield’s Vision West Nottinghamshire College has been forced to seek extra money from the government – and has not ruled out asking for more.
The cash-strapped college sought £2.1 million in exceptional financial support from the Education and Skills Funding Agency to cover a “short-term cashflow” problem in the summer.
However, a spokesman said the college had received an additional £1.6m this month.
And he said: “The college is likely to require more EFS, although the exact amount will be subject to our financial recovery plan, which will be submitted to the ESFA later this month.”
The news comes as the college announced a further round of staffing cuts, after about 100 positions were made redundant earlier this year.
Exact figures are not known, but the college, based at Derby Road, said there was a a potential “need to further reduce its staffing base”.
A college spokesman said: “The college is continuing to work on its recovery plan to resolve the significant financial issues that it faces.
“Unfortunately, this is likely to lead to a need to further reduce our staffing base.
“However, the detailed plans are still being finalised.
“Whatever staffing reductions the college makes, it is absolutely committed to protecting the excellent experience and high-quality teaching and learning our students receive.”
The college was served with a “financial health notice to improve” in September after being forced to seek the loan, following changes to the way apprenticeships were funded.
Long-serving college principal and chief executive Dame Asha Khemka stepped down from her £262,000 per year role at the start of October, before the college was placed in “administered” status earlier this month, after a report revealed a “serious corporate failure” at the college.
Martin Sim has been appointed interim principal and chief executive ahead of a search for a permanent successor to Dame Asha.
Mr Sim, who has more than 35 years’ experience in the further education sector, said his main priority was to “ensure the college remains a vital asset to the communities of Mansfield and Ashfield”.