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The guidance and application forms are for further education colleges that:
need to make major changes following an area review recommendation
We have received 58 applications for the restructuring facility. This includes 29 applications from 31 sixth form colleges who have or plan to convert to academy status, the majority of which have not been allocated any funding to support this conversion. We have received 29 applications to support restructurings within the college sector.
19 applications which include funding to support restructuring have been approved to date. From the restructuring facility, up to 19 colleges have been approved to receive compensatory VAT funding if the liability arises and funding has been provided for transition grants.
The total allocation of restructuring facility funding is over £300m. Total spend is over £150m.
We have now published case summaries of providers that agreed restructuring facility funding prior to 31 December 2017 – for more information see Annex C.