The Glasgow School of Art has admitted it faces a £265 million bill to restore the fire-ravaged Mackintosh Building and cannot deliver a full like-for-like rebuild without outside funding, after finally gaining what it calls 'financial clarity' from a long-delayed insurance settlement whose value it still refuses to disclose.
The size of that settlement has not been made public, a lack of disclosure critics say has surrounded the Mackintosh saga for years. The new report links the undisclosed payout directly to the school's conclusion that it 'cannot take forward the faithful reinstatement on its own'.
