18 February 2009

Allbury buys back 20% stake from XL

Allbury Travel Group has announced that the XL Group's 20% shareholding in the company has now been acquired by Allbury Travel Group’s shareholders under an agreement with XL’s administrator, Zolfo Cooper.

ATG's brands include Libra Holidays, Argo Holidays and Jetlife.

ATG chairman Michael East said: "The agreement, which has been approved by the regulatory authorities, settles all remaining outstanding financial matters between the two companies."

He said the group’s winter trading was performing in line with the company’s forecasts, with volumes slightly down but selling prices up, year-on-year.

East also noted that the summer period was booking later, in line with the rest of the industry, adding: "But demand has been strengthening in recent weeks, as have our prices."

By Bev Fearis

 

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