The head of Edinburgh university has been accused of 'greed' for taking a second job just months before he announced staff cuts.

University of Edinburgh principal and vice-chancellor Sir Peter Mathieson joined the board of Roslin Cell Therapies (CT) in June last year.

The role at the biotech firm could potentially earn him tens of thousands on top of his existing pay, which is worth over £400,000 and was recently increased by five per cent.

Last month, Mathieson warned staff about plans to cut £140m from the university's annual budget, which would result in a "smaller staff base". He said the move was necessary due to a "financial gap" at the university.

But the University and College Union (UCU) has accused management of "manufacturing a crisis" to justify cuts, pointing out that Edinburgh has recorded surpluses in recent years and has assets worth billions.

Staff and the union have reacted angrily to Mathieson's new role, with one lecturer calling it "a slap in the face" for those worried about their future. They questioned how he had time to take on a second job and argued he should be focused on "solving the problems at the university".

The university said any work undertaken in the role would be carried out in Mathieson's "personal time" and insisted that cuts were needed so Edinburgh could maintain its position as a "world-leading" institution.

Roslin Institute

Roslin CT was established in 2006 as a commercial spin-out of the renowned Roslin Institute within Edinburgh university, known for its involvement in the cloning of Dolly the Sheep.

The company now manufactures medical products including a ground-breaking treatment for sickle cell disease.

The university was a major shareholder in Roslin CT until it was sold to a private equity firm in December 2021 - a deal that netted Edinburgh £38m. In June 2024 - two and a half years after the sale - Mathieson joined its board as a non-executive director.

His earnings from Roslin CT have not been disclosed, but the company's latest accounts show its six directors received a combined £350,000 in 2023. This means that each director potentially made tens of thousands of pounds.

Four directors also held share options, a benefit which allows them to buy shares in the company at a fixed or discounted price.

The idea that Peter Mathieson would be paid this amount of money and still have the time to have a part-time job is shocking to me.

Lecturer, University of Edinburgh

The university did not disclose how much Mathieson would be paid for his role at Roslin CT, despite being asked directly by The Ferret.

A spokesperson for the University of Edinburgh said: "Our arms-length commercialisation service Edinburgh Innovations managed the transaction (the sale of Roslin CT) on behalf of the university.

"Peter's role will support Roslin CT's significant endeavour to bring life-saving therapies to patients worldwide, and any work undertaken as part of this will be carried out in his personal time."

Financial dispute

In an email to all staff on 25 February - following three previous emails dating back to July 2024 - Mathieson said the university sector was in "severe financial difficulty".

He blamed factors including national insurance rises, "longstanding" underfunding of Scottish undergraduates, and policy changes that have made the UK less attractive to international students.

Tuition fees from overseas students are a major source of money for universities. Edinburgh brought in £363m in fees paid by non-EU students in 2023-24, about 27 per cent of its total income and a slight increase from the previous year.

Over recent decades, Edinburgh had been able to attract large numbers of international students which meant it could "grow itself out of financial challenge", Mathieson wrote. But management was now forecasting an "operational deficit in forthcoming years".

He argued the university faced a "financial gap" which required a "recurring and sustainable" reduction to its costs in "the or...