Carter and Carter gains lift in the North

Troubled training company Carter & Carter gave investors some cheer today after boosting its business with a move into the North.

The Nottinghamshire-based firm, which has issued two profits warnings in as many months, saw its chief executive and founder Phillip Carter killed in a helicopter crash in May.

But today the firm unveiled the acquisition of Northern Irish car mechanic training company Blackwater House, based in Mallusk near Belfast for nearly £1m (€1.47m).

Carter, which is looking to gain a presence in the province through the deal, also announced a new apprenticeship training contract win with the Northern Irish Department for Education and Learning that is set to generate £5m (€7.4m) in revenues over the next three years.

Acting chief executive Rodney Westhead said the Blackwater House deal “provided a footprint from which to grow in the region”.

The positive news comes after a turbulent period for Carter & Carter which has seen its share price tumble to less than a tenth of the 1273p level reached in April.

The fall came after warnings from the firm that its Train to Gain programmes for the Learning and Skills Council had “failed to meet expectations” in the second half of the year.

Carter & Carter said that the initiative – launched by the Government last year - continued at “disappointing” levels as employers had taken longer to take part than originally anticipated.

The company was also unsuccessful in its bid for first round contracts from the Department for Work and Pensions under its Pathways to Work scheme, designed to help people claiming incapacity benefits back into the labour market.