More than 200 pupils of one of Devon's top independent schools have been left with an uncertain future after their headmaster announced its closure.
St Margaret's School in Exeter will close at the end of August, following a decision last year to close the sixth form.
Senior management at the 110-year-old school on Magdalen Road confirmed the decision had been made because the school was no longer "financially viable".
Headmaster Lee Bergin said the decision to close had been taken with a "heavy heart" and added that he was "very sorry" about it.
He informed teachers of the closure at a meeting on Friday, and has since notified parents and the 290 pupils.
William Long, chairman of governors, said: "A three-year plan was put in place with a view to steering the school to profitability, but after the entrance examination, it became clear that this was not achievable, so the difficult decision was taken to close the school at the end of the 2013 summer term."
He added: "Our pupils remain our utmost concern during this difficult time. Everything possible will be done to minimise disruption and ensure they continue to receive the same high standards of education and emotional support that St Margaret's has always provided for the remainder of the academic year."
The school achieved a 90% pass rate for students gaining five A* to C-grades at GCSE and the A-level in 2012, making it the fifth-best school in Devon according to this year's league tables.
A Facebook group, Save St Margaret's School, set up by concerned parents in April 2012, has gathered 355 "likes".
