Businessman Matt Hill said he was only told last week that the mystery benefactor had withdrawn the offer to pay staff salaries and cover parental deposits to the end of term.

He said: “I was only informed last Friday that they had rescinded this offer and am as bewildered and let down as the administrators, parents and staff.”

Asked if the benefactor existed, Mr Hill replied: “Yes they do exist. I can’t say who it is as the administrators have asked me not to. I do not know the reason why they pulled out.”

He emphasised that once the administrators took over the school, he and Mr Stanley no longer had any authority in its dealings.

Mr Hill said: “A lot of company and personal money, time, effort and passion was put into the development of The Mill. It was surpassing its goals for this year – recruitment was 15 per cent ahead of target.

“Staff, parents and pupils were happy, but due to the unpaid debt to FTTS [Forward Thinking Training Solutions, one of Mr Hill and Mr Stanley’s companies] the school was no longer able to continue without another party’s assistance.”