THE finance director of the borough’s richest school has quit after it emerged the school had fallen into £1million of debt.

Mystery still surrounds the deficit at Bexleyheath School, but an independent investigation found no criminal wrongdoing had taken place.

The Woolwich Road school, which has an annual budget of around £10million – more than any other Bexley school – reopened two years ago after a £20million Private Finance Initiative (PFI) deal.

The finance director’s departure comes just a few months after former head teacher, Malcolm Noble, retired at the end of the last school year.

He has been replaced by interim head Paul O’Brien. The school declined to comment to the Extra this week but in a statement Bexley council said the deficit would not disrupt education.

A spokesman said: “The deficit, though large, is of manageable proportions in a school with an annual budget of £9.5-10 million.

“As with any school in this position the local authority is working with it to achieve a sound financial recovery plan without impacting adversely on the quality of education for current or future pupils at the school.”

The school, which has more than 2,000 pupils, boasts state-of-the-art equipment and facilities.

It has more than 600 computers, two cafeterias, two libraries, two halls and two gyms. Its sports facilities include a sports hall, rugby and football pitches and 11 all-weather pitches – part of the Goals soccer centre.

In January this year the school was held up as a model PFI scheme when it picked up the First Education Business Award for Best PFI School.

The school was officially reopened by the Minister for Sport, Richard Cabourn MP, on October 5, 2006. It had opened to pupils in September 2005.