New main shareholder for Portman Travel

Vision Capital has become the principal shareholder in leading UK independent business travel company Portman Travel.

This follows the sale of a portfolio of investments by Bridgepoint Capital for an undisclosed sum.

Bridgepoint has been Portman’s principal investor since 1996. As a result of the sale Ruth Macintosh of Bridgepoint Capital has resigned as a director of Portman and is replaced by Alister Wormsley of Vision Capital.

Portman chief executive Graham Flack said: “The Portman board is delighted to have this new support for our development strategy and we expect to be seeking new opportunities before too long.”

Wormsley said: “Vision Capital specialises in acquiring portfolios of well-established businesses and Portman fits our investment criteria extremely well.

“Portman Travel is a stable, well run and profitable business with a successful track record of integrating new acquisitions to fuel growth. Vision Capital is backing the existing management team to take Portman to its next stage of development.”

Portman acquired P&O Travel in October, taking turnover for the business to over £260 million. Over the past few years Portman has acquired and integrated AA Business Travel, John Cory Travel and Travelforce, among others.

by Phil Davies