UK: Dealer trade group sells training unit
The UK's Retail Motor Industry Federation (RMIF) is selling ReMIT, its training division, to learning solutions provider Carter & Carter Group PLC.
The decision was made by the RMIF after a board meeting on 8 May. The sale completes on 17 May.
Carter & Carter paid £26m including dividend strip for ReMIT, which currently runs advanced apprenticeship training programmes for manufacturers such as Ford and Citroën, plus a number of dealer groups and independent garages.
All 308 ReMIT staff will be transferred to Carter & Carter, as well as the organisation's regional offices and centres of excellence in Croydon (south London) and Leeds.
The RMIF was first approached by Carter & Carter in January, and following discussion with senior members it was decided to pursue this route, but was not a fund-raising exercise, said RMIF chief executive Matthew Carrington.
"Over the past three years ReMIT has made tremendous improvements, resulting in the business being recognised as a leader in the sector in terms of market share and quality, proven through its financial performance, some outstanding new training programmes, new centre development strategy and new business wins," he said.
"To take the business on to the next exciting stage of its development, it needs the support and investment of a major organisation with the necessary financial resource.
"Carter & Carter approached us, and the members on the RMIF Group Board and National Council voted unanimously to go ahead with the sale. ReMIT is a strong business with some high profile contracts, and should benefit from the extra investment Carter & Carter can make in its business.
"ReMIT will be in good hands as Carter & Carter is a strong company, with some very good clients, and has shown it can deliver high levels of customer service, alongside a healthy P&L.
"It's early days to say what the RMIF will do with the funds, but our first priority will be to clear the pension fund deficit and then continue with our strategy of developing new and exciting products and services for our members," added Carrington.
Carter & Carter recently announced strong interim results for the six months to 31 January, including a 26% growth in apprentice numbers in learning from 4,656 (2004) to 5,849.