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Driving school in administration Driving school in administration
(30 minutes later)
LVG, the parent company of driving instructor business Red Driving School, the UK's third largest, has gone into administration. The parent company of driving instructor business Red Driving School, the UK's third largest, has gone into administration.
However administrators MCR said they had already received a number of offers and a buyer could soon be unveiled. LVG will continue to trade as normal while administrators look for a buyer to take it on as a going concern.
LVG employs 400 people in total across three offices, but all the Red Driving School drivers are franchisees.LVG employs 400 people in total across three offices, but all the Red Driving School drivers are franchisees.
It also owns two other businesses under the Red brand - Red Instructor Training and Red Fleet Training.It also owns two other businesses under the Red brand - Red Instructor Training and Red Fleet Training.
Red Instructor Training trains would-be driving instructors, and Red Fleet Training is employed by companies to test and improve the driving skills of their employees.Red Instructor Training trains would-be driving instructors, and Red Fleet Training is employed by companies to test and improve the driving skills of their employees.
'Profitable operation''Profitable operation'
LVG's 400-strong workforce includes 200 people at its head office, and 150 spread across two "operational support facilities" in Liverpool and in Billingham near Middlesbrough.LVG's 400-strong workforce includes 200 people at its head office, and 150 spread across two "operational support facilities" in Liverpool and in Billingham near Middlesbrough.
"We are confident a buyer will be secured as the most recent financial reports indicate the business has been quite a healthy and profitable operation." said joint administrator Andrew Stoneman of MCR."We are confident a buyer will be secured as the most recent financial reports indicate the business has been quite a healthy and profitable operation." said joint administrator Andrew Stoneman of MCR.
"It only entered administration due to a lack of funding and investment.""It only entered administration due to a lack of funding and investment."
The company that was to become LVG began in 1992 when David Little and Nick Buckingham founded Airport Driving School in Croydon.The company that was to become LVG began in 1992 when David Little and Nick Buckingham founded Airport Driving School in Croydon.
They expanded into instructor training then merged with accountancy firm FBTC, renaming the joint operation Landsdowne Venture Group, now known as LVG.They expanded into instructor training then merged with accountancy firm FBTC, renaming the joint operation Landsdowne Venture Group, now known as LVG.
In 2004 they launched the Red Driving School brand and acquired LetsDrive, the second largest driver training company in the UK, after LetsDrive went into administration.In 2004 they launched the Red Driving School brand and acquired LetsDrive, the second largest driver training company in the UK, after LetsDrive went into administration.
LVG now runs a total of 22 instructor colleges and claim to be Europe's largest providers of instructor training.LVG now runs a total of 22 instructor colleges and claim to be Europe's largest providers of instructor training.
It also owns trade magazine adiNEWS, previously known as Driving School News, and Practical Driver Instructor Aids, which supplies tools for driving instructors.It also owns trade magazine adiNEWS, previously known as Driving School News, and Practical Driver Instructor Aids, which supplies tools for driving instructors.