I agree EvilTwins, I think the lesson to be learnt is that academy chains are brought in to provide a quick fix, the question is given the cost to the tax payer, who benefits. Light regulation is the buzz word for academy chains, but where have we heard that recently!!!
Chain academy groups led the way in introducing GCSE equivalents (as they did with modular courses with multiple repeats inc A Levels), providing an almost immediate boost to their academies in the league tables, as a result they were handed even more academies to manage. Chain academy groups are as a result becoming very lucrative businesses.
I agree, EvilTwins, it will also be interesting to watch the league table results of these academies and schools fall after 2014 as a consequence of Gove's current changes when equivalents are no longer counted. The average % drop in 2011 *A-C (inc maths and Eng) results, when equivalents were not counted in schools was 6%, in academies, particularly chain groups it was 10%. As you are particularly interested in the AET, check their 2011 results when equivalents were not counted. You will see their results dropped even more in most of the academies they managed, as a consequence of relying to much on GCSE equivalent courses. I would ask, how did students actually benefit from these 'equivalent GCSE's'? After all chain groups were given academies in order to improve student education!!!
What concerns me about academy chains, is what means given the light regulation and apparent unaccountability, will they use in the future to build superficial performance improvements.
These chains, having persuaded many schools to become academies under their management by boasting about the 'performance improvements' and 'exam result enhancements' they can bring about, will need to innovate to meet these expectations. Will these innovations be for the benefit of their students any more than the now exposed exam results hype and course selections have been in the past.
Those parents who live in the catchment area of a 'converter' academy as opposed to those parents who live in the catchment area of a 'chain' academy, at least know that decisions are made 'freely' in house, without having to follow the strategies and policies of the trust's board and that the school governors are also not 'directed' by this remote board. As you say EvilTwins, your school had massive cuts the year before the chain group came in, saving them the trouble no doubt. Chain groups are often in discussion with the DFE and the LA well before they take over a school. I would suggest EvilTwins that it will take a while before the true costs and benefits become obvious, hopefully your school will get good value for money.