According to reports that were released today, Learndirect, a training firm, has been sold to Dimensions Training Solutions (DTS), an education company, in a last-ditch rescue deal which could save approximately 1,000 jobs,
The said announcement ends the months of uncertainty regarding the future of Learndirect after a poor rating was given to the training services of the company by Ofsted.
Learndirect has also endured some government cuts to the funding on adult skills and has come under fire last March when the Public Accounts Committee criticised its bosses for their failure to deliver high-quality training courses.
The report was first released by Sky News. It says that the swoop of DTS to acquire Learndirect will save approximately 1,000 jobs and the training courses that will be offered to thousands of people.
The said acquisition is considered to be transformational for DTS, which is a part of a wider group that is owned by a mini-conglomerate in the further education sector that is called the Stonebridge Colleges.
Learndirect has been owned by the private equity division of Lloyds Banking Group since 2011. It was able to secure various apprenticeship contracts with the likes of Tesco and Marks & Spencer.
The lenders of the company include CYBG, Ares, RBS, Lloyds.
According to SkyNew’s report, Learndirect has fought really hard during the recent weeks to secure a sale of the business as the funding of the Department for Education will be withdrawn starting next month.
Learndirect is the biggest provider of apprenticeships and adult learning in the United Kingdom. It has been perceived as crucial to the government when it comes to delivering its target of producing 3 million new apprenticeships in this Parliament.
DTS and Learndirect were contacted so they can give a comment regarding the matter, however, they had not responded as of the time of writing.