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Art college merger is 'last chance' to fix its finances

posted 23 Mar 2011, 21:19 by David Rintoul   [ updated 23 Mar 2011, 21:34 ]

The full extent of the financial crisis facing Edinburgh College of Art has been revealed, as its merger with Edinburgh University was officially announced yesterday.

The Scotsman has uncovered documents from both institutions revealing the perilous state of the art college's finances.

Letters from the college's chief operating officer show that auditors said it could not continue on its own and that the bank could foreclose on expensive loans.