BusinessBusiness RecoveryRED driving instructor school enters administration

RED driving instructor school enters administration

RED at the crossroads as MCR appointed administrators

One of the UK’s largest training colleges and driving schools has entered
administration.

MCR
partners Andrew Stoneman and Paul Clark were appointed joint administrators of
LVG Limited, which operates principally under the RED brand.

It employs 400 staff, with 250 based in RED’s instructor training division.
It also operates FTBC – an accountancy services for driving instructors
business.

The company will trade as normal as the administrators pursue a buyer.

“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.
It only entered administration due to a lack of funding and investment,” said
Stoneman.

Further reading:

Moore
Stephens appointed to insolvent Reader’s Digest

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