Libra secures ATOL licence
Libra Holidays has renewed its ATOL licence after “extensive discussions†with the Civil Aviation Authority.
The operator said the licence, and the underlying bonds, will cover the coming year from April 2008 to March 2009.
Libra said principal approval was given after it completed a new shareholders agreement, received a substantial capital injection, and submitted an approved three-year business plan by the new management team.
Chairman Michael East said: “We are very pleased indeed to announce this important and vital strategic step forward for the new, smaller but very focused Libra UK business.
“With its new management team, led by new chief executive Eamonn Ferrin, I would like to thank our investors, the management team and the CAA and our bondholders for their great support throughout this comprehensive restructure process.â€
He said the company was also pleased to announce the completion of the acquisition of the Argo Holidays and Jetlife brands and the ongoing business.
“The new investors and management team have great belief that the future business plan and strategy of our new specialist niche tour operation business has great potential to be shareholder enhancing over the coming years.â€
Management consultant East and Ferrin, former head of sales and marketing at Airtours Holidays, were brought in last November as part of a new interim management team.
At that time, investment company Allbury decided to inject £1 million into Libra Holidays UK and acquire a 35% stake, with an option to take a further 25% for £2.5 million.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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