The management school in Lancaster is, of course, very good!! The master's entry requires GMAT, unless you are from a UK university. If you don't hold GMAT, but get involved, I am sure you will have an extremely tough year, as the work here is very heavy!! This university is particularly good in Finance and Accounting.
5 star B-school in UK. Attach most importance on Accounting and Finance, have an independent department for such subjects. Option pricing could be the strong point of Lancaster! Oviously, very good. According the ranking of the last five years, only three shool received most 5 star ranking and Lanca is one of them(the other two are Warwick and LSE). Unfortunately, the city is very, very boring! GMAT should be the entry requirement but not always.