Parents at two prestigious independent schools are racing to raise £1 million to save them from closure - and already have £400,000 of donations in just a DAY.

Mount St Mary's College and its prep school Barlborough Hall in Spinkhill, near Sheffield, face immediate closure with Labour's VAT fee introduction being blamed as 'the final nail in the coffin'.

Bosses say they can no longer remain financially viable due to soaring costs and dozens of teachers now facing losing their jobs.

As many as 600 local children have also been left 'in limbo' over where they will go to school in September.

Parents and former pupils have clubbed together in an attempt to save the independent Catholic schools from closing down for good.

A GoFundMe page has already raked in more than £415,000 in donations to "urgently stabilise" the schools and carry them over into September. "

A baseline target of £300,000 by 5pm yesterday (Tue) was reached in under 24 hours to pay staff salaries and debts to HMRC.

Page organiser Jessica Penny said: "We have met with some of the governors and the finance team at the Mount and we believe there is a clear path forward to place the school on a stronger and more sustainable financial footing."

"The school is not yet in administration and it is therefore within our gift to manage the existing position, however we have to move quickly."

"From what we have seen, unfortunately the only way to get through the short-term issue is to raise the cash required."

"I appreciate this is unpalatable, and we like you did not expect to be in this position."

"Salaries and payments to HMRC are due immediately. We have until Tuesday 5pm to raise the necessary funds."

In a statement last week Chair of Governors Shaun Whyman said issues began in 2015 and despite "generous loans" worth £3m in recent years, there's "no realistic path" to solve debt problems and must "shut immediately"."

It also comes as at least 18 independent schools in Britain have announced they will shut this year.

Since the announcement, Keir Starmer's Government have been blamed for "killing" the schools by ending VAT exemption for their tuition fees in late 2024, meaning parents now pay the standard 20 per cent rate on for tuition."

However, in a statement on the school's website's, Mr Whyman, said troubles began in 2015, and seemed to treat "the addition of VAT on school fees and the removal of business rates relief for independent schools" as the final nail in the coffin."

Accounts for Mount St Mary's College filed on Companies House show how the school's readily available cash has declined from £16.8m in 2009 to £3.2m in 2023.

Louise Jones, Labour MP for North East Derbyshire, commented on the situation on social media last week.

She said: "I was saddened to read on social media that Mount St Mary's College is closing its doors this summer."

"As the school themselves have made clear, they have been experiencing persistent finical difficulties since 2015, and they have tried numerous methods to keep their doors open."

"Given these ongoing issues, it is disappointing that the school has decided to close at short notice - a decision that will no doubt be a cause of anxiety for families and staff."

"If you are a parent, pupil, or a member of staff of this school please reach out to my office and my team will do all they can to help."

The GoFundMe page also addressed that parents may have "concerns about the past governance of the school" and claims governors are willing to step aside if and when the school is "saved."

It read: "While changing the board of governors is not straightforward, many current governors have expressed a willingness to step aside in due course."

It said that "no monies will be used" unless they "believe there is a clear plan going forward and the school has a bright future"."

It also added: "The school has an opportunity to thrive, but we need time."

Your support can make the difference."

The independent Catholic schools offered both day and boarding school for children aged 3 to 18 and have around 600 pupils.

Mount St Mary's and Barlborough Hall have been approached for a comment.