Finally after many weeks/months of rumours flying about, it has been confirmed by the BBC, that red driving school has gone into administration, and the business is now up for sale due to lack of funding and investments.
LVG Ltd which is the parent company and has many divisions including instructor college, FTBC accountants, ADI news and red driving school was placed into administration yesterday and MCR the administration company says it is confident a buyer will be found.
Well with the recent bad publicity that the red driving instructor training operation which accounts for more than 80% of LVG's annual turn over, and the fact that their business model is fundamentally flawed and the recession bubble which they have been capitalising on has burst, I'm not very optimistic this will be the case, and my thoughts are with the many hundreds of people who have taken out barclays loans for training which they might never get!
I also wonder what will become of the instructors who have taken out driving school franchises on training, and the future of the fully qualified ADI's who might now have to start looking for a new school!
Then there are the many people who left comments on my becoming a driving instructor post who are trying to get out of a financial contract because they were mislead into ADI training either by the £30,000 carrot or a pussy salesperson.
I will be following the LVG ltd situation closely over the coming weeks, but I'm not very hopeful for the 400 plus employees, as when I first posted about the red driving school back in june 2006, I never thought that it will all be ending this way with administrations being called in!
Latest Update: Buyer found for red driving school
Red on BBC one programme.
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