Better in one colour rather than the red and blue, which are both strong shades and compete with each other. A problem that is unfortunately exacerbated by the difference of the type. Presumably the update to the text is to make the university appear less formal, with the simple choice seeming to be sans-serif. The hierarchy is disrupted by the colours and the way that both vie for the foreground.
When a single colour is used all the elements hang together more coherently, though there’s still the tricky problem of those letter O’s that bring a lot of space right to the middle of the wordmark. Perhaps an extra level of hierarchy might help the sans-serif text to live with the larger serif, which currentlty dominates. I’m sure that it was the intention to emphasise that but overall it seems to shout Brookes whilst not quite resolving the tone of voice for the rest of the logo.