Deficit of £2.1m found at Perry Beeches The Academy Trust
A £2.1m deficit was found at one of Birmingham's largest academy chains, the BBC has discovered.
Perry Beeches The Academy Trust said it appointed Paul Wheeler as chief financial officer in December and he carried out a financial health check.
The trust runs five schools. Chief executive Liam Nolan resigned in May.
A BBC investigation found 113 academy trusts which run schools in England have run up an overall deficit of almost £25m.
The Perry Beeches trust said an action plan had been agreed with the Education Funding Agency, which would "ensure that trust finances return to good health".
The trust said this deficit "resulted from poor budgetary control and lack of financial scrutiny by the Board of Directors".
It added the board resigned at the end of April and following Mr Nolan's departure, Mr Wheeler was appointed as acting chief executive officer and a new executive team was formed.
The trust said: "This new Executive Team have a focus on rebuilding trust with our communities and parents who have shown fantastic support to schools throughout this difficult time.
"Our GCSE results at Perry Beeches The Academy and best-ever A-Level results at Perry Beeches II The Free School are testament to the resilience of our students and the hard work of our talented staff."
It said a new board of trustees had also been appointed.