History: Incorporation
The 1990s Incorporation of colleges brought radical changes in management style led by David Eade. Franchising on a large scale brought new funds but ultimately in 2001 financial collapse and 100+ staff redundancies (Hansard 21 Jun 2001: Column 226 Link) as the leadership failed to respond to changes in the funding arrangements (opinion). Stuart Spacey served a prison sentence for fraud as a consequence of actions in this period (Serious Fraud Office press release 19 April 2007 SFO).
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