MyTravel sells Leger Holidays
MyTravel has sold its coach holiday business Sunway Travel Limited.
Sunway, which is the parent company of Leger Holidays Limited, was the subject of a management buyout, aided by Venture Capitalists, 3i Plc. They paid £22.2 million for the business, which made £3.96 million profit before tax in the year to 30 September 2002. Ian Henry will stay on to head the management team of Leger.
Sunway was established in 1981 and bought by MyTravel in March 2000. It offers coach holidays from the UK to Europe, including walking holidays in the Austrian Lakes, river and sea cruises, and tours of battlefields in France. It was MyTravel’s only coach holiday business.
A MyTravel source told TravelMole: “We are undertaking a strategic review of the business which will be completed by Spring 2003. This [Sunway] was identified as a small non-core component of the group along with the camping business Eurosites, which has already been sold. It is an area we do not want to expand”.
Read our previous stories:
11-Dec-02 MyTravel unveils 2003 campaign
03-Dec-02 MyTravel update
28-Nov-02 Jardine leaves MyTravel following ‘worst year in history’
28-Nov-02 MyTravel forward bookings ‘a cause for optimism’
26-Nov-02 MyTravel delays results
22-Nov-02 Lastminute records first profit
05-Nov-02 Comment on MyTravel, by Jeremy Skidmore
28-Oct-02 MyTravel tries to quell ‘consumer hysteria’
21-Oct-02 Carrick makes robust defence of MyTravel
18-Oct-02 Rivals consider switching off MyTravel
08-Oct-02 Byrne to leave MyTravel
30-Sept-02 MyTravel issues profit warning despite positive bookings
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