Why are you assuming they are underfunded?
What makes you assume they are underfunded? There is no evidence they are and plenty of evidence to the contrary. They are Russell group and have a good proportion of foreign (i.e. full-cost paying) students. The links above and their swollen IT leadership org imply they have plenty of dough, just not spent effectively.
It is is far too easy to plead poverty in public sector IT without evidence. I know from experience the cash that is often wasted by IT senior management pursuing fads, empire building and hidden agendas, whilst neglecting solid technical foundations. Students and academics should demand that the KCL Council conduct an independent investigation into this fiasco. Maybe they could engage the BCS or similar.