Luxury operator ITC sold
Private equity investor NorthEdge has backed a management buyout of the business for an undisclosed sum.
The Cheshire-based travel company was recently the focus of a BBC documentary The Millionaire’s Holiday Club.
CEO Jen Atkinson said the Cheshire-based company, founded in 1974, was looking to increase its share of the luxury travel market.
"The investment from NorthEdge will allow us to invest in the training and development of our sales teams, as well as developing our IT infrastructure to ensure we can continue to deliver exceptional experiences and market leading service to our customers," she said.
"We will also be looking to broaden our product offering beyond our current luxury and tailor made proposition. Our customers demand unique experiences in the world’s most exclusive destinations with a first class service."
ITC bought four businesses from Western & Oriental last year which helped to boost its turnover to £80 million for the 12 months to April 2016, up from £43 million in 2013.
Ray Stenton, partner at NorthEdge Capital, said: "ITC is recognised as one of the UK’s pre-eminent luxury travel brands and has been selling luxury holidays into a resilient consumer base for over 40 years.
"The business has a clear growth strategy and has already demonstrated its ability to expand both organically and through acquisition.
"Jen has done a superb job in doubling profitability and getting the company to where it is today. We look forward to working with her and the rest of the management team in delivering the next stage of the company’s development."
ITC Luxury Travel Group employs 200 staff and is expecting to make 13,000 bookings this year and carry 32,000 passengers to 106 countries.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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