Skip to content
Home Link Logo

Central Sussex College – Resolution Transfer Agreement

29 June 2017
Share:
Social share link Twitter Social share link Facebook Social share link LinkedIn

Resolution of the Corporation of Central Sussex College

The Corporation Board has considered and where necessary approved

  • Financial and legal due diligence reports on Chichester College’s standing as a suitable recipient to continue Central Sussex College’s business
  • The interests of their student beneficiaries and staff and the local community
  • The draft transfer agreement
  • The outcome of the statutory consultation and the summary report

And the Corporation Board therefore RESOLVE:

To continue to work towards a proposed merger with Chichester College with the intention to dissolve the corporation on the proposed Transfer Date (midnight on 31 July 2017) and to transfer on that date all the property rights and liabilities of Central Sussex College Corporation to Chichester College SUBJECT TO:

  • the disposal of the Corporation’s Haywards Heath Campus and the disposal proceeds applied to repay the Corporation’s Barclays Bank debt associated with the Haywards Heath Campus, both of which must be completed to the satisfaction of Chichester College;
  • resolution, to the satisfaction of Chichester College, by Central Sussex College of the legal dispute with Kier Construction Limited concerning damp issues at Central Sussex College’s Haywards Heath Campus;
  • reorganisation of loan financing completed with Barclays Bank, Lloyds Bank and the Department for Education (“DfE”) Transaction Unit including inter-creditor agreements in place;
  • assurances given by the DfE, to the satisfaction of Chichester College, on levels of DfE restructuring facility grant funding to cover restructuring and merger costs;
  • assurances given by the DfE, to the satisfaction of Chichester College, regarding non-payment of existing Exceptional Financial Support provided by the DfE to Central Sussex College up to the Effective Date;
  • and the Corporation Board therefore authorise
  • Chris Maidment, Chair of Corporation to agree any final amendments to the draft transfer agreement as shall be required prior to its signing in accordance with legal advice
  • The execution of the transfer agreement as a deed by authorised signatories on behalf of the Corporation Board
;