WEYMOUTH College says it has saved more than £1 million to haul itself out of a financial hole.

As reported in the Echo, the college faced a number of cost-cutting measures following a report by the Further Education (FE) Commissioner Dr David Collins in 2014.

It is expected the college, which suspended its principal Liz Myles in November, is to face criticism in its next Ofsted report after it was visited by inspectors between January 13 and 16.

Staff are said to be devastated at the upcoming report as teaching and learning are set to be praised, but the management of the college and its financial predicament is set to bring down the college's overall rating.

Now, the college has claimed that it has made savings of more than £1 million after college chiefs created a new financial blueprint for next year It is understood there have been a number of redundancies at the college which have contributed to the savings, and the college has also trimmed back its pay and non-pay costs, made efficiency improvements and improved procurement.

The college's new financial plans have been shared with the board of governors and the FE Commissioner, and have also been outlined to staff.

Nigel Evans, acting principal at the college, said: “We have been completely open with staff about the financial challenges we face and the measures we are taking to get the budget back on track.

“We have minimised job losses and maintained an excellent post-16 course portfolio coupled with expansion of our Higher Education programmes.

“In the last few years we have transformed the academic performance of the college, putting us in the top five per cent nationally.

“However, our financial performance has been badly lacking and putting this right has been my top priority since I took up my new role.

“We have shown in a very short space of time that we can turn our finances round and the support we have received for our forward plan confirms that the college has a bright future and that all our key stakeholders are right behind us.

“Prospects for 2015-16 are really exciting and the positive experience of our students is helping to boost applications for September enrolments, which are now in full swing.”

David Fallows, who takes over from John Brewster as chairman of governors next week, has backed the plans.

Mr Fallows said: “I would like to thank all those who have helped us steer the college back towards a balanced budget.

“Throughout the past six months the quality of our teaching and the student experience has shone through as a key strength.

“I believe that staff, managers and Governors are united behind the Acting Principal in their determination to get our budget back on track.

“We have received fantastic support from our students and stakeholders, including the local politicians and our MP Richard Drax who met the FE Commissioner last week to hear first-hand about the rapid progress we have made since his last visit.”