Administrative costs for HEFCE and Universities - £250m per anumn?

I have previously commented that it would take £100 million to find the £100 million worth of cuts that the Secretary of State proposes. Just have a look at the Guardian article to which I have posted this link:-

£250mAminCostsHEFCE

If there was ever an excuse to review what John Denham proposes, this must be it.