RMIF completes acquisition of ReMIT
The Retail Motor Industry Federation (RMIF) has completed the acquisition of elements of its former training arm ReMIT.The organisation has purchased the Apprentice Learning Division from the Carter & Carter Group PLC (in administration) for an undisclosed sum.
The RMIF has established a new company, ReMIT Ltd, using the previous name, to take over running of Carter & Carter’s former non-manufacturer apprenticeship programmes. The new company has the full support of the Learning and Skills Council (LSC), the Society of Motor Manufacturers and Traders (SMMT) and the Institute of the Motor Industry (IMI)
Rob Foulston has been announced as Chief Executive of ReMIT. He was formerly Managing Director of Deutsche Bank’s distressed debt business. The ReMIT Team will also include former Carter & Carter Operations Director Steve Yardley, and RMIF Finance Director Kevin Waterman.
Commenting on the acquisition and the new company, RMIF Chairman Alec Murray said: ‘The RMIF decided to re-establish ReMIT because the provision of motor vehicle apprenticeships is so vital for the future of the retail motor sector. 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.
‘The name ReMIT has been revived because of its high recognition value, and we are now looking to stabilising the business and moving forward.’
Prior to its acquisition by Carter & Carter for £25.5m in May 2006, ReMIT was the UK’s largest motor vehicle apprentice training organisation. Following the acquisition the name ReMIT was no longer used and the business was integrated along with EMTEC into Carter & Carter’s training organisation for motor vehicle apprentices.
Murray added: ‘ReMIT is fully operational and now that the transaction has been agreed with the Administrators of Carter & Carter and the LSC, it will make communication with existing employers, learners and colleges a priority.’