Thank you very much for your suggestion, I was able to separate red and black using the formula. But I don't know how to delete the remaining red colour text in excel so that I can align both separated data into two columns . I have attached here screenshot. Can you please help me on this matter?
I would suggest creating a new UDF with the same code but instead of using vbRed, use vbBlack. Then you can extract all of the black text from the first column and place it into the column to the right of your UDF-vbRed column. Then, if all looks correct, you can delete all columns prior to your UDF-vbRed column.