In the context of threats to their financial sustainability, this paper uses Resource Dependency Theory to explore the challenges being faced by a sample of 10 small new public universities in England. It discusses the responses being taken and prospects for the future in this segment of the sector. It concludes that some of the most important elements of income and expenditure are also areas where institutions have amongst the lowest levels of autonomy, including tuition fees, staff salaries and pension costs. It suggests that institutions are proactively seeking ways to both adapt their strategy and influence the environment in which they operate, including the introduction of new organisational forms, models for employing staff, the diversification into new programmes and markets, and greater use of domestic and international partnerships.