A college has been thrown into turmoil after posting a financial deficit of £2million having previously faced a staff revolt.
Waltham Forest College financial director Debbie Greenidge stepped down last year before the shortfall was made public.
Minutes of a meeting between bosses show £700,000 was lost when the college lost its Highly Trusted Sponsor status (HTS), which meant it was temporarily barred from taking foreign students.
The reason for the loss of status has yet to be revealed, but the college missed out on further funding as a result.
The minutes of the meeting in November also show The University and College Union had announced the intention of staff to put forward a vote of no confidence in the management team.
The UCU and college are yet to reveal the nature of the concerns raised.
Principal Robin Jones admitted the college had experienced long-term financial problems.
“We are experiencing and have been for the last two to three years a substantial income shortfall,” he said.
A plan has been put in place to balance the books by the end of the next financial year, which includes a review of staffing.
Peter Doble has been brought in as a ‘financial advisor’ following Ms Greenidge’s departure, which Mr Jones said was for personal reasons.