This is just another state school for the rich.
7 years, 275 day places, so that's 40 day places per year, and 32 boarding
This state boarding school (which does extremely well, results wise) takes 68 day places and 32 boarding:
www.gordons.surrey.sch.uk/
It is vastly oversubscribed and the catchment is around 1/2 a mile in a small village (not an urban area).
I don't think the boarding costs as much as £12k, but they are impossible to get unless you can prove you 'need' it.
This new school with only 40 day places will be hugely exclusive, and with the price of a boarding place comparable to a good day private school, it is clear that there will be a lot competition for those day places, while the boarders will be the same kids who would go to private school anyway.
So basically a semi-private education for the rich, funded by the state.
Whoop.