READ College in Reading has been saved from closure after raising £40,000 to help pay for the building’s running costs.
The funds were raised by a crowdfunding campaign after the college, based in a Grade II listed Victorian church building, was unable to keep pace with increasing costs, including rising energy prices.
READ’s Artistic Director Clara Vaughan, said that the risk of closure was prompted by the cost-of-living crisis, the pandemic and a loss of ability to host international students.
“It was extremely difficult for us to put out the call for help. It felt so scary and vulnerable to have to say we're in this position,” she told the BBC. “I don't think any of us were expecting quite the amount of support that we received.”
The money gifted by donors, several of whom work in the performing arts sector, will enable the college to continue offering classes in January. Its recovery plan includes two further phases.
“We have challenges ahead of us but we're a really strong team and we have a lot of energy and desire to solve those challenges,” Vaughan said.