Thursday, April 10, 2008
RMIF completes Remit buy-back
Deal for training arm is completed for undisclosed sum
The RMIF has completed the acquisition of part of its former training arm Remit for an undisclosed sum.
The trade association has purchased the Apprentice Learning Division from the Carter & Carter Group, which has been placed into administration.
The acquisition comes less than two years after the RMIF sold Remit to Carter & Carter for £25.5m in May 2006. The new company – ReMIT Ltd – will take over the running of Carter & Carter's former non-manufacturer apprenticeship programmes, with the endorsement of the Learning and Skills Council, the SMMT and the Institute of the Motor Industry. Former managing director of Deutsche Bank's distressed debt division Rob Foulston has been appointed as ReMIT chief executive, while former Carter & Carter operations director Steve Yardley, and RMIF finance director Kevin Waterman have also joined the company.“The provision of motor vehicle apprenticeships is so vital for the future of the retail motor sector,” said RMIF chairman Alec Murray. “This was under threat following the collapse of Carter & Carter. More pressingly, there was a possibility that many current motor vehicle apprentices would be unable to complete their training.
DATED: 10.04.08
FEED: MT
The RMIF has completed the acquisition of part of its former training arm Remit for an undisclosed sum.
The trade association has purchased the Apprentice Learning Division from the Carter & Carter Group, which has been placed into administration.
The acquisition comes less than two years after the RMIF sold Remit to Carter & Carter for £25.5m in May 2006. The new company – ReMIT Ltd – will take over the running of Carter & Carter's former non-manufacturer apprenticeship programmes, with the endorsement of the Learning and Skills Council, the SMMT and the Institute of the Motor Industry. Former managing director of Deutsche Bank's distressed debt division Rob Foulston has been appointed as ReMIT chief executive, while former Carter & Carter operations director Steve Yardley, and RMIF finance director Kevin Waterman have also joined the company.“The provision of motor vehicle apprenticeships is so vital for the future of the retail motor sector,” said RMIF chairman Alec Murray. “This was under threat following the collapse of Carter & Carter. More pressingly, there was a possibility that many current motor vehicle apprentices would be unable to complete their training.
DATED: 10.04.08
FEED: MT
