A public school which was closed after being plunged into debt has been saved by a mystery parent.

Newlands School in Seaford went into administration four weeks ago but confirmed last night its £2.4 million premises had been bought by "parental funding".

Head Oliver Price made the announcement on the £17,850-a-year boarding school's website yesterday but said negotiations had not been finalised and would not reveal the identity of the benefactors.

It was not even known last night if the money had been put up by one millionnaire or a parent-led consortium.

Mr Price said: "There seem to be some exciting developments and I shall be happy to give more information as soon as I can." He would not comment further but issued a statement on the website which read: "Following extremely hard work by a number of people, premises have been re-obtained and therefore Newlands School will re-open on Monday, April 24."

But the statement did not address how the school would cope with its student body of 450 pupils reduced by up to 75 per cent. Question marks also remain on the fees the students who return to the school will be charged.

All but 100 pupils are thought to have found places - and paid fees for the coming term - at schools elsewhere, including Brighton College, Eastbourne College, St Bede's School and St Andrews School, both in Eastbourne.

A term's notice must be given to independent schools should a pupil wish to leave.

Some 200 staff members will also now have to reconsider their futures after being given hope that not all have lost their jobs.

Julie Champion, who has secured a place for her 14-year-old daughter Katie at St Bede's School said: "I can't tell you the roller-coaster of emotion we've been through and I hope this happens for everyone else's sakes because the school should never have stopped and we don't want houses up there.

"Its success is going to depend on who turns up to register."

Newlands announced its closure after the landowners, the Chittenden family, refused to transfer the lease to independent schools group Cognita to stave off financial ruin.

Martin Blocksidge, chairman of the governors, said Mr Price was entering an agreement with a "third party".

He said the school would be managed privately and not by a charitable trust.

It was revealed that the Chittendens signed a secret agreement three years ago to vacate the site for property development.

Julian Golding, the Chittendens' family lawyer, said: "If the school is to be closed or sold we have had no notification at all. We have had no communication with the administrators despite requests on our part."