A London institution is remaining in Islington after being saved from closure.

The Knowledge Point School, which an estimated two thirds of London’s cab drivers have passed through, was set to be without a home after the landlords of its Caledonian Road premises sold the building to be developed into flats.

But the London Taxi Company (LTC), which makes the capital’s iconic black cabs, has joined forces with Knowledge Point.

The school is now based within the LTC’s dealership - just around the corner in Brewery Road - and re-opened on Monday.

Knowledge Point founder Malcolm Linskey said this afternoon: “We shut our doors the day before Christmas, but 10 days prior we had been contacted by LTC, which said they didn’t want to lose us - that we were too valuable to the industry.

“They had a couple of rooms for us and we are nearly settled. We’ve just been sorting ourselves out ahead of an official re-opening in early February.

“We’re absolutely delighted to be continuing in Islington, and to be moving in with the top vehicle supplier.

“What makes black cabs so distinctive in London is the shape and size of the vehicles, and the ‘knowledge’ of the drivers behind the wheel. So being in the same premises is a good combination.”

Knowledge Point was originally founded in Angel 30 years ago, before moving to Caledonian Road in 1989.

Asked whether it can still be as effective operating in another company’s premises, Mr Linskey said: “It’s only going to be slightly smaller operation and hopefully it won’t impact too much on our services.

“We are certainly predicting a bright future.”

Peter Johansen, chief executive of the London Taxi Company, said: “We are extremely pleased to be able to help keep Knowledge Point open.

“The ‘knowledge’ is a proud tradition among London black cab drivers, and still as relevant today as ever before.

“This intensive training sets them apart from mini cab drivers, making them indispensable to London and the UK, and provides highly skilled professional jobs for 25,000 taxi drivers in London.”