There are a few questions regarding your son……
If courses offered were unsuitable it might have been better to address this problem back in September?
What were your son’s (and his friends’) predicted grades? If he didn’t achieve them then why not? And you both need to be honest here.
True, he got Maths and English equivalents - useful ones but I worry about the word equivalent?
The course titled ‘business studies’ could be quite a different course to the one you are familiar with from your past. Going back on my teaching experiences business studies was little more than typewriting and keyboard skills - very useful but not what the subject has morphed into.
If the college’s entry requirement is 4 GCSEs then it looks like it is an A level type course and requires a certain degree of academic rigour to understand it/get a grade at the end.
So if your son got 2 GCSE equivalents them he may well be wasting his time and the colleges resources embarking on this course. They are working from past experience, you are working from hope.
TBH I suggest your son has a rethink, asks and takes advice. If he’s only got half the entry requirements I can’t see them weakening and letting him join, certainly not over halfway through the first year.