Red Driving School Crashes into Bankruptcy
Landsdowne Venture Group (LGV), the parent company of “The Instructor College” and “Red Driving School” has gone into administration.
The company made a net profit of £3m in the year to October 4 2009, but in the 16 weeks to January 24 lost £2.5m.
LVG employs 400 people in total across three offices, but all the Red Driving School instructors are franchisees.
LVG’s 400-strong workforce includes 200 people at its head office, and 150 spread across two “operational support facilities” in Liverpool and in Bellingham near Middlesbrough. It makes most of its money from training driving instructors who pay fees of about £3,500.
Trainees who cannot afford to pay fees up-front often take out a loan to cover the cost of the course. “The Instructor College” used to offer loans through Barclays but the bank withdrew that facility after huge number of defaults by trainees unhappy with the training they received.
The company that was to become LVG began in 1992 when David little and Nick Buckingham founded Airport driving School in Croydon.
They expanded into instructor training then merged with accountancy FBTC, renaming the joint operation Landsdowne, now known as LVG.
In 2004 they launched the Red Driving School and acquired Letsdrive, after LetsDrive went into administration.
Any pupils that wish to restart their redhill driving lessons and cant contact their red driving instructor then please contact us here at m & m driving school
The company made a net profit of £3m in the year to October 4 2009, but in the 16 weeks to January 24 lost £2.5m.
LVG employs 400 people in total across three offices, but all the Red Driving School instructors are franchisees.
LVG’s 400-strong workforce includes 200 people at its head office, and 150 spread across two “operational support facilities” in Liverpool and in Bellingham near Middlesbrough. It makes most of its money from training driving instructors who pay fees of about £3,500.
Trainees who cannot afford to pay fees up-front often take out a loan to cover the cost of the course. “The Instructor College” used to offer loans through Barclays but the bank withdrew that facility after huge number of defaults by trainees unhappy with the training they received.
The company that was to become LVG began in 1992 when David little and Nick Buckingham founded Airport driving School in Croydon.
They expanded into instructor training then merged with accountancy FBTC, renaming the joint operation Landsdowne, now known as LVG.
In 2004 they launched the Red Driving School and acquired Letsdrive, after LetsDrive went into administration.
Any pupils that wish to restart their redhill driving lessons and cant contact their red driving instructor then please contact us here at m & m driving school
posted by Simply Driving Lessons at
5:54 PM
1 Comments:
Huge loss to them , I think almost is wasted to what they have make up in the year. Hope that they soon comes out of this situation and and handles the same position to what they were.
LGV Training
By
guarantepass, At
November 22, 2011 4:44 AM
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