Friday, May 23, 2008
RMIF paid £62,500 to buy back Remit
Trade body pays small price to acquire fomer training arm
The RMIF paid just £62,500 to buy back a third of its former training arm Remit, which it sold for £25.5m a little over two years ago.
The trade body bought back the apprenticeship arm of Remit in April from the now defunct Carter & Carter but paid only a fraction of the fee it received, according to the administrators report on the failed training group.
The £25.44m profit has enabled the federation to clear the multi-million pound black hole in its pension fund and stabilise after a period of cut backs and job losses.
“This is a fantastic transaction said Rob Foulston, the newly-appointed Remit chief executive.
“Our priority now is the learners and making sure they are on track with their programmes.”
Following the collapse of Carter and Carter, Foulston said manufacturers had lost confidence in the apprenticeship process and that the RMIF would now look to restore their faith and consolidate the business.
Remit originally had 6,500 apprentices on its books when it was sold to Carter & Carter in May 2006 and Foulston said the immediate goal was to reach that target.
“There are manufacturers programme which we are not contracted with at the moment but we want to look at this in due course. We are not closing the doors on manufacturer businesses,” said Foulston.
“Our objective in the middle term is to get back to that 6,500 number and then to go on from there.”
Carter & Carter went into administration in March this year with financial liabilities totalling £159.4m.
DATED: 23.05.08
FEED: MT
The RMIF paid just £62,500 to buy back a third of its former training arm Remit, which it sold for £25.5m a little over two years ago.
The trade body bought back the apprenticeship arm of Remit in April from the now defunct Carter & Carter but paid only a fraction of the fee it received, according to the administrators report on the failed training group.
The £25.44m profit has enabled the federation to clear the multi-million pound black hole in its pension fund and stabilise after a period of cut backs and job losses.
“This is a fantastic transaction said Rob Foulston, the newly-appointed Remit chief executive.
“Our priority now is the learners and making sure they are on track with their programmes.”
Following the collapse of Carter and Carter, Foulston said manufacturers had lost confidence in the apprenticeship process and that the RMIF would now look to restore their faith and consolidate the business.
Remit originally had 6,500 apprentices on its books when it was sold to Carter & Carter in May 2006 and Foulston said the immediate goal was to reach that target.
“There are manufacturers programme which we are not contracted with at the moment but we want to look at this in due course. We are not closing the doors on manufacturer businesses,” said Foulston.
“Our objective in the middle term is to get back to that 6,500 number and then to go on from there.”
Carter & Carter went into administration in March this year with financial liabilities totalling £159.4m.
DATED: 23.05.08
FEED: MT
