Fri, 19 Feb 2010 | ADMINISTRATION
Lansdowne Venture Group (LVG), the parent firm of the Red Driving School, has entered administration after a major investor withdrew its support.
The joint administrators at MCR seem to believe it will not be long before a new owner takes the helm as several interested parties have already put bids forward.
Andrew Stoneman of MCR said: 'We are confident that a buyer will be secured as the most recent financial reports indicate the business has been quite a healthy and profitable operation."
He added that a lack of funding is the only reason for LVG's move into administration.
The group, which has annual revenues of over £40m, is continuing to trade as normal while a buyer is sought.
LVG is one of the largest driving instructor training companies in Britain. Based in Brighton, the company has 400 employees across three offices.
In addition to the Red Driving School, LVG also owns Red Instructor Training and Red Fleet Training, which have a focus on training and testing driving instructors, as well as trade publication adiNEWS and Practical Driver Instructor Aids, which supplies tools for instructors.
The company began life as Airport Driving School, set up by David Little and Nick Buckingham in 1992.
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