30 October 2008

Specialist cruise agency sold

Specialist cruise agency Ideal Cruising has been soldto lowcostbeds.com for an undisclosed sum.

The deal for the agency, founded four years ago by managing director Tony Youster, is expected to be completed before Christmas and is subject to shareholder approval, final legal negotiations and due diligence.

Camberley-based Ideal Cruising will be a wholly owned subsidiary and will be run on an arms length basis, with its current management team remaining in place to further grow its revenues and profits.

IdealÃ¢â¬â¢s total transaction value is expected to exceed Ã&#pound;28 million and the company is profitable.

Lowcostbeds.com CEO Paul Evans said: Ã¢â¬ÅâœWe are delighted to have reached agreement with the management team at Ideal to bring them in to the lowcost group.

Ã¢â¬ÅâœIdeal is a very successful business, consistently growing revenues and profits since entering the cruise industry four years ago.

Ã¢â¬ÅâœWe plan to invest in the management team, technology, staff and marketing to further grow IdealÃ¢â¬â¢s cruise business.

Ã¢â¬ÅâœThe Ideal trading cycle complements the seasonality of lowcostbeds.comÃ¢â¬â¢s core beach and city holidays and together we will create a stronger group.Ã¢â¬~

Youster added: Ã¢â¬ÅâœIdeal has grown rapidly over the last four years and we see huge opportunities in the growing cruise sector to further add value to the cruise operatorsÃ¢â¬â¢ distribution models.Ã¢â¬~

by Phil Davies