Parents' £2m plan to take over school

PARENTS have launched a bid to take over their closure-threatened private school.

A consortium of ten families hope to rescue St Margaret's School, Newington, which went into receivership last week.

The group, which includes experts in banking, property and marketing, have put together a business plan which involves finding 2 million to pay off creditors.

Receiver Blair Nimmo of KPMG said he was "happy to listen" to parents' proposals.

Peter Cochrane, an economist with RBS who is heading the consortium, told a rally attended by hundreds of parents in the school grounds that St Margaret's had been operating in deficit because the school roll had been falling, but costs had not been reduced in line.

He said: "I do think there is a sustainable future for St Margaret's and it involves an increase in fees and a decrease in costs."