Major shake-up at Libra Holidays
Excel Airways is to take a stake in Libra Holidays as part of a shake-up that will see a new management team installed.
UK managing director Akis Kyprianou announced his resignation today following the operator’s parent company issuing a statement to the Cyprus stock exchange giving details of new investors.
An investment company called Allbury is to inject £1 million into Libra Holidays UK and will acquire a 35% stake, with an option to take a futher 25% for £2.5 million.
Excel Airways is to convert a £2.4 million loan into a 20% stake in the operator with an option to sell back to Allbury.
Negotiations are on-going about the appointment of a new management team at Libra, which is licensed to sell 160,000 holidays mainly to Greece, Cyprus and Egypt.
The statement said the deal was subject to the Civil Aviation Authority’s approval the new management team and a new business plan.
No mention was made of the impact on staff in the UK where around 50 are employed at the operator’s head office.
Group CEO Andreas Drakou has assumed the role of interim managing director until a new full time replacement is appointed in the next few weeks.
Kyprianou said: “The Libra Holidays Group has announced its plans for the tour operation in the and the new owners will proceed to appoint a new management structure.
“After 12 years at Libra Holidays, it is time to move on. During this period I have made a lot of good friends all of which I thank, for their solid support that they have offered the company and myself over the years.
“I would also like to say a big thank you to all the management and staff both in the UK and overseas and to wish them all the success in their new roles within the company.
“I will remain at the disposal of the new management for the appropriate changeover period.”
by Phil Davies
Phil Davies
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
France prepares for a massive strike across all transports on September 18
Turkish tourism stalls due to soaring prices for accommodation and food
CCS Insight: eSIMs ready to take the travel world by storm
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt