Parents save nursery by taking control of it

London: Parents of the Arc, in Southwark, have resolved to take over their children's nursery to save it from closing.

The school was due to become the latest educational casualty of the credit crunch after several potential buyers pulled out.

But a group of parents has drawn up a plan that will see them manage the 47-place nursery as a not-for-profit charity from April 1.

The development follows a spate of private school and nursery closures as a result of the recession.

Charterhouse-in-Southwark, the charity that managed Arc, ran into financial trouble and tried to find a buyer for the Crosby Row nursery last year. But the economic downturn saw several interested groups pull out and it was announced in November the nursery would have to close with the loss of 14 jobs.

Architect Andrew Wright, whose two-year-old daughter Sophie attends Arc, said: "We thought, hold on a moment, we've got to find a way to keep this nursery open."