Thanks for the responses. It is interesting to have our thoughts confirmed. Just so you know, our club was started in January 2002 and then there were only 2 pilots checked out. This academic year there are 5 with another in the advanced stages of training. We use a local flying club close to Loughborough where we are studying with a PA-28 for £85/hr solo. It is amazing how far money can stretch when you want to fly as much as some of us do (and yes, cost sharing is a good way of bringing down the price)!
If this inspires more universities to set up PPL flying clubs maybe there could be an annual competition day - spot landings etc - to promote PPL flying to universities and attract the interest of industry who may be willing to sponsor prizes/subsidise some of the clubs? Perseverence is the key - from what I understand it took a lot of persuasion for our Students' Union to accept the proposals to get the club off the ground (no pun intended) and it is a remarkable achievement. The oportunities are now endless (almost) and it is quite rewarding being able to fly with other PPL's where different experiences and techniques can be shared.
Thanks for your message Sink Rate - I've sent you an e-mail.
Good luck to anyone who tries to set a club up.
PJ