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The UK's leading driver training firm BSM has been sold to its management less than a year after it was bought by a German private equity firm from insurance giant Aviva.
The British School of Motoring has been bought by joint managing directors Abu-Haris Shafi and Nikolai Kesting for £10 million.
The driving school was previously owned by Arques Industries who took over the business in February 2009. Shafi and Kesting joined the business as MDs at this time and have been responsible for moving BSM's fleet away from Vauxhall to Fiat.
The pair also secured a four year financial partnership with Barclays Commercial Bank.
The MDs now plan to double the size of their fleet and business from 3000 instructors to 6000 in the next two years.
Shafi commented: "Nikolai and I are honoured to take over the ownership of this iconic company. We are excited to be taking this strong British brand forward and continuing its growth by offering the best expertise for learners and a secure financial future for our staff and instructors."
Felix Frohn-Bernau, Arques director, added: "This is the ideal time for us to sell and for Abu and Nikolai to take full ownership of the British School of Motoring and continue to take the company to the next level. They have been successful in growing the business over the last nine months and securing important partnerships to enable its future success."
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