LVG, the parent company of driving instructor business Red Driving School, has been bought just days after going into administration.
Private equity firm Kelso Place has acquired the business as a going concern and will continue to trade under the Red brand as normal.
The firm told the BBC it had full confidence in LVG’s management and had no plans for any redundancies.
It said Red was profitable and had just suffered from cash-flow problems.
Red, established in 1992, is the UK’s third-largest driving school.
Source: http://news.bbc.co.uk/1/hi/business/8528435.stm
Related links:
