230 jobs saved as training business goes through pre-pack
KRE Corporate Recovery leads pre-pack of Harrow-based TLE
A PRE-PACK administration has led to 230 jobs saved at a pre-employment training business.
Harrow-based TLE was placed into administration, which was handled by practitioners from KRE Corporate Recovery.
A £5m rolling contract between Learndirect and TLE was terminated at the end of 2012 by Learndirect, and was one of the main reasons for the insolvency.
The sale of the business, excluding certain contracts, was completed immediately following their appointment to a subsidiary of Learndirect, protecting all the jobs.
“All of the company’s locations will remain open and this is an excellent demonstration of why pre-packaged sales from Administration will continue to have a place in rescuing businesses,” said KRE partner Paul Ellison.
TLE provided qualifications and progression routes for more 15,000 people a year.