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Leicester Uni puts 3800 on notice of redundancy-here we go....


sancho panza

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4 minutes ago, MrXxxx said:

If that's the case what's their plan b for youth unemployment figures then, as the whole "Everyones right to go to university" was just a quick fix to resolve this issue.

There has been a long line of quick fixes.  There are none. We have offshored most meaningful work.  We often hear a hark back to the golden age of apprenticeship. Yep, it was great, especially for the working class. However, when we let industry die, we also let apprenticeship die.  There are relatively few well paid jobs.  We need a complete restructuring and a new way of being.  

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3 hours ago, MrPin said:

I thought Leicester was a proper university, and the De Montford one wasn't. Maybe I'm worng?

Leicester is Russell Group,but it's borrowed heavily to build student flats apparently.

I'm not sure which is more leveraged but the accounts I chekced showed Liecester has little rainy day money.

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On 13/01/2021 at 12:16, sancho panza said:

Leicester is Russell Group,but it's borrowed heavily to build student flats apparently.

I'm not sure which is more leveraged but the accounts I chekced showed Liecester has little rainy day money.

Unsurprising, a lot of these lower tier (even though they are 'russell group', they're still below the london uni's, leeds, manchester, edinburgh, glasgow etc) universities have borrowed and expanded on a crazy scale under the auspice of Blair's goal to get 50% of youngsters into higher education.... kerching!

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On 18/10/2020 at 05:50, One percent said:

The vast majority of staff will not be teaching. All these organisations have morphed into empires for administrators.  

Tell me about it, where i work health and safety, admin, accounts.. Massive machines moving money about and amazon rain forest size piles of paperwork..

The training courses are designed so we get in trouble if something goes wrong. that's they're biggest fear..

Admin and accounts just seem to move money about between different parts of the business and analyse performance targets and cash flow moving digits around to make it all look good.. when the operational side of the business is a fucking mess with customers being lost all the time as we are too expensive and dont respond to customers..

A rudderless ship..

Or one guy i work with calls it the titanic.. massive ship small rudder.. iceberg dead ahead..

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5 hours ago, JFK said:

Unsurprising, a lot of these lower tier (even though they are 'russell group', they're still below the london uni's, leeds, manchester, edinburgh, glasgow etc) universities have borrowed and expanded on a crazy scale under the auspice of Blair's goal to get 50% of youngsters into higher education.... kerching!

I think you're right and using @macca 's analogy,the uni's all piled into the trade without the proper risk analysis.They did all the reward analysis................

Iunderstand there were demogrpahic problems even before covid and the unis were relying on CHinese students to make ends meet.

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repost of earlier accoutns summary.

 

 

 

average salary £47 k

Check out the pension liability that sinks 2019 to a £46mn deficit.Inteeresting rise in non current liabilites and provisons.

Also looks like student numbers were dropping even before covid.

I suspect a lot of their assets are student accomodation whoch will be worth a lot less going forward

 

image.thumb.png.ecb00a810c20b0e3ac0c581658ed66ef.png

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Edited October 17, 2020 by sancho panza
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12 minutes ago, sancho panza said:

repost of earlier accoutns summary.

 

 

 

average salary £47 k

Check out the pension liability that sinks 2019 to a £46mn deficit.Inteeresting rise in non current liabilites and provisons.

Also looks like student numbers were dropping even before covid.

I suspect a lot of their assets are student accomodation whoch will be worth a lot less going forward

 

 

I probably watch a bit too much Russia today..

But what happens if we have a currency crash to our private/state pensions..  Do they become a big pile of toilet paper? Or do they convert to some new currency?

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8 hours ago, macca said:

I probably watch a bit too much Russia today..

But what happens if we have a currency crash to our private/state pensions..  Do they become a big pile of toilet paper? Or do they convert to some new currency?

On the plus side,liabilites will reduce(depending if they're linked to inflation),even if index linked the lag will help.

The problem with pension fund deficits is that

a) lecturers are generally quite left wing and willing to strike

b) a) could affect top line revenues if it's protracted.

c) the money has to come from somewhere.Leicester Uni has a huge property empire but known forced sellers get bad prices and these may take some time to make liquid.FUnding the deficit via top line revenues is possible but there appears little meat left on the annual bone to my untrainde eye.

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10 hours ago, macca said:

The training courses are designed so we get in trouble if something goes wrong. that's they're biggest fear.

Exactly, its all about covering their arses so that if the SHTF they can 'throw you under the bus' by stating that you had been informed.

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