Nottingham Trent University paid staff £9 million to resign in severance scheme

Nottingham Trent University has paid £9 million to staff who agreed to resign during mounting financial pressures.

The uni had a surplus of £9.7 million in the financial year, following a cost-cutting drive that saw 230 staff leave.

It also had more success financially than the University of Nottingham, who suffered a £17 million deficit this year.

NTU’s statements showed that its income has slowed significantly. The institution brought in £369.5 million in 2021, £401.1 million in 2022, and £433.9 million in 2023, but this only increased to £434.5 in 2024.

President and vice-chancellor, Professor Edward Peck, said the university had been hit with higher operating costs and only recently unfrozen fees. He said: “Like most other universities across the UK, we constantly review our business model to ensure we are delivering the best possible student experience whilst being able to secure our continuing financial sustainability.”

He also added that all universities had experienced increasing costs, as well we the effects of frozen fees. However, explained that NTU’s student intake was better than expected.

A review looking at Trent’s finances, has revealed that 83 per cent of its income comes from tuition fees, which is the same as in 2023.

The records also showed spending has risen by just over three per cent compared to the previous year, including the one-off £9 million relating to two mutually agreed resignation schemes.

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According to Nottinghamshire Live, Professor Peck further said: “In October 2023 we opened a scheme where colleagues from some departments were invited to apply to resign voluntarily in return for receiving a one-off payment to support them in the next stages of their lives and careers. In May 2024 we widened the scheme to all colleagues and in total around 230 colleagues had their applications approved.”

“This allowed us to reshape our provision to continue to deliver to our students what they need. We take great care in ensuring our colleagues’ wellbeing, both those who choose to leave us and those who choose to stay as part of our NTU community.”

He also suggested the university was in a strong position financially, due to its high cash reserves. NTU’s financial statement also explained it has invested £63 million into “ongoing estates investment and regeneration programme” in the 2023/24 year.