Training firm Learndirect has today been sold to education company Dimensions Training Solutions (DTS) in a deal which could save 1,000 jobs, according to reports today.
It ends months of uncertainty over Learndirect's future after the company's training services were given a poor rating by Ofsted.
Learndirect has also suffered from government cuts to adult skills funding, and has come under fire from the Public Accounts Committee who in March criticised bosses for failing to deliver high quality training courses.
Today's report from Sky News says that DTS' swoop to acquire Learning direct will save around 1,000 jobs and the training courses for thousands of people.
Read more: This education provider called "too big to fail" is under investigation
Since 2011, Learndirect has been owned by Lloyds Banking Group's private equity division, and has had apprenticeship contracts with the likes of Marks & Spencer and Tesco.
Ares, CYBG, Lloyds and RBS are among the company's lenders.
According to the report, Learndirect has fought hard in recent weeks to secure a sale of the business as Department for Education funding will be withdrawn from next month.
Learndirect is the UK's biggest provider of adult learning and apprenticeships, and has been viewed as crucial to the government delivering its target of creating 3m new apprenticeships in this Parliament.
Learndirect and DTS were contacted for comment, but at the time of writing had not responded.
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