A FORMER managing director has been arrested by police investigating financial irregularities at a company owned by Bolton College.

Detectives arrested Glyn Pennington at his detached bungalow on The Common at Adlington on Monday.

After being questioned for several hours, Mr Pennington, 56, was released without charge, pending further inquiries.

As reported in the BEN, Mr Pennington was sacked from his £35,000 job as managing director of Bolton College Consultancy Services in April. He had been suspended since January, pending an inquiry by external auditors and was eventually dismissed for gross misconduct following an internal disciplinary hearing. Acting Principal Dr David Collins called in police to probe alleged financial irregularities at the college company in April. Mr Pennington headed the catering, leisure and tourism department before moving to the separate commercial wing on Institute Street as project director several years ago. He took over the helm as managing director when previous chief Eric Faulk left last August.

College chiefs will wind up the college company this summer following reported losses of around £200,000 but insist the move is based on commercial considerations and is not related to the police investigation. A police spokesman said that inquiries are ongoing. A woman told callers to Mr Pennington's home where he lives with his wife and son that he did not want to comment. Dr David Collins said: "I passed on information to the police and asked them to investigate. Having dismissed Mr Pennington from the college, the matter is now out of my hands."