Here's a quote from the latest Anti-Academies Alliance newsletter.
Academy conversions cost English councils £22m between 2011 and 2013 according to the Local Government Association. When schools convert, the local authority must pick up any deficit balance. However if a converting school has a surplus this carries over to the academy trust. Added to the legal costs arising from transferring staff and land, mopping up these deficits has mounted up to millions which could have been spent in all schools.
So here is no thanks from your local Children's Services who pick up the bills from all new academies. And curiously, when things go wrong, as they inevitably will, it's the local Children's Services who are asked to take the blame.
Academies eh! It's heads they win, tails we lose. [And absolutely nothing to do with children or services or education].