The deal for Carter & Carter’s non-manufacturer apprentice division secures learning for 2,700 apprentices.
It was completed with Deloitte just a week after the administrator told AM that no businesses were interested in purchasing the automotive training division.
The pace at which the contract was sealed, together with a lack of competitor interest, suggests the RMIF was able to negotiate a good deal on the price.
Industry speculation suggests Remit has been given back to the RMIF for nothing to wipe out a £1.4m debt from overpaid wages owed from Carter & Carter’s original purchase of the training arm.
The RMIF was also believed to be owed around £1m in deferred payments on the original £25.5m price.
A spokesman for the RMIF said details of the funding were subject to a confidentiality agreement.
Remit’s chief executive will be Rob Foulston, formerly managing director of Deutsche Bank’s distressed debt business.
The operation will also include former Carter & Carter operations director Steve Yardley and RMIF finance director Kevin Waterman.
They intend to concentrate on stabilising Remit before approaching car manufacturers for training business.
Waterman said: “Remit is fully operational, and we are in the process of stabilising the business and moving forward. We do not anticipate a long lead time to profitability.”
RMIF chairman Alec Murray said the decision to re-establish Remit was made because the provision of motor vehicle apprenticeships is “so vital for the future of the retail motor sector”.
He added: “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 RMIF revived the name Remit because of its high-recognition value.
The Remit name had disappeared since its sale to Carter & Carter, which merged it with into its own apprenticeship business.
The Institute of the Motor Industry and its qualifications awarding subsidiary, IMI Awards, welcomed the re-establishment of Remit.
IMI chief executive Sarah Sillars said: “It’s critical that learners are able to have continuity in their training, as well as confidence that the industry has their interests at heart.
We’ll be working with Remit closely to provide assistance in the transition of registrations to the new company.”
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