Red driving school gone bust?

macca · 18-02-10, 12:16 PM

Red driving school (LVG limited) went into administration on 16th February 2010. MCR have been appointed as administrators with a view to selling the business assets in an attempt to recoup some the £ millions of pound they owe as a result of Reds failure to continue to grow its sales (Red accounts for 96% of LVG). In the last 16 weeks the company has recorded a loss of £2.2 million, a drop of about £4 million pounds in sales with liabilities far in excess of this.

Visit link below for more details:

http://www.mcr.uk.com/assets/_files/documents/feb_10/mcr_uk__1266396714_LVG_Limited_BLM_-_16.2.10.pdf

An accurate and well informed article on the matter can be found on the Financial Times website:

http://www.ft.com/cms/s/0/e3fa3ab0-1cac-11df-8d8e-00144feab49a.html

It also contains information about Barclays withdrawing its point of sale credit loan facility (i.e. buy now pay later. The withdrawal of this facilty follows alledged mis-selling and other practices as claimed by the anti-Red group on Facebook.

ASHLEY ELLIS · 18-02-10, 05:37 PM

I noticed the adverts on tv had stopped.

keep eyes open

18-02-10, 12:16 PM	#1
macca Administrator Join Date: May 2008 Posts: 13	Red driving school gone bust? Red driving school (LVG limited) went into administration on 16th February 2010. MCR have been appointed as administrators with a view to selling the business assets in an attempt to recoup some the £ millions of pound they owe as a result of Reds failure to continue to grow its sales (Red accounts for 96% of LVG). In the last 16 weeks the company has recorded a loss of £2.2 million, a drop of about £4 million pounds in sales with liabilities far in excess of this. Visit link below for more details: http://www.mcr.uk.com/assets/_files/documents/feb_10/mcr_uk__1266396714_LVG_Limited_BLM_-_16.2.10.pdf An accurate and well informed article on the matter can be found on the Financial Times website: http://www.ft.com/cms/s/0/e3fa3ab0-1cac-11df-8d8e-00144feab49a.html It also contains information about Barclays withdrawing its point of sale credit loan facility (i.e. buy now pay later. The withdrawal of this facilty follows alledged mis-selling and other practices as claimed by the anti-Red group on Facebook. Last edited by macca; 24-03-10 at 11:59 AM.

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18-02-10, 05:37 PM	#2
ASHLEY ELLIS Senior Member Join Date: Apr 2009 Location: Ossett,West yorkshire Posts: 213	I noticed the adverts on tv had stopped. keep eyes open