- Executive forced to ask for bail-out
- Bar closures discussed in crisis talks
GUU President Chris Birrell has admitted that bar closures have become an option as the Board struggles to deal with financial troubles that have escalated out of control in recent years.
Board members will not know the full extent of the Union's financial troubles until accounts are finalised on April 30th, but Guardian has learned that student leaders are in crisis talks with the University to request an emergency cash injection as a last ditch attempt to secure the Union's survival for the immediate future. The GUU has completely exhausted its financial reserves after several consecutive years of losses..
A source close to the Board of Management predicted that the current crisis could be the beginning of the end for Glasgow’s oldest union.
She said: “They’re really ruined, worse than ever. They’re struggling to pay the staff, and if their cash situation doesn’t improve pretty quickly I think they’ll have to shut down.”
The GUU reported a loss of £148,000 in the last year for which accounts are available, and Union sources have predicted that the losses announced this month will dwarf the problems in recent years.