Holidaybreak acquires two German operators
Holidaybreak has spent £6.7 million acquiring two specialist German tour operators.
Both will form part of the group’s adventure travel division.
Holidaybreak has bought carpe diem Sprachreisen, which provides English and other language holidays and TravelWorks which runs working holidays and gap-year breaks for students.
Both businesses were acquired from the same private owners, founders Thomas Meier and Janine Wegman.
The Muenster-based operators had a combined turnover of £9.3 million in the year ended October 31, 2005.
Holidaybreak has paid an initial €10million (£6.7 million) with of up to a further €2 million payable, dependent upon the performance of the business over 12 months following completion.
Meier and Janine will remain with the businesses, along with their management team.
Holidaybreak chief executive Carl Michel said: “The acquisitions of carpe diem and TravelWorks will provide us with profitable, growing businesses in the largest travel market in Europe.
“They will sit within our Adventure Travel Division, increasing our activities in the rapidly growing ‘specialist’ sector of the holiday market.”
Report by Phil Davies
Phil Davies
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