Lansdowne Venture Group (LVG) appointed Andrew Stoneman and Paul Clark, partners of restructuring specialist MCR, after one of its major investors pulled out.
Kelso Place, the private equity fund specialising in distressed situations, has bought the business and assets of LVG.
LVG employs 400 people in total across three UK offices with its principal activities carried out under the Red brand, which includes Red Instructor Training, Red Driving School and Red Fleet Training.
Its workforce includes 200 people at its head office, and 150 spread across two "operational support facilities" in Liverpool and Billingham. All the Red driving school drivers are franchisees.
Andrew Stoneman, MCR partner, stated: "At present the company is trading as normal while a sale of the business and assets as a going concern are pursued. We are confident a buyer will be secured as the most recent financial reports indicate the business has been quite a healthy and profitable operation."
Stoneman added: "It only entered administration due to a lack of funding and investment."
LVG was founded in 1992 and also owns three other main businesses. These are accountancy arm FBTC, driving instructor trade magazine ABI News, and Practical Driver Instructor Aids.