Stewart Travel buys Lapland specialist
Glasgow-based Stewart Travel has completed a management buy-out and has acquired Lapland specialist Canterbury Travel.
An announcement said it was the ‘first stage of a buy and build play in the specialist travel sector’.
The deals have a combined funding requirement of £23 million and were backed by private equity investor Zachary Asset Holdings, with HSBC providing £12.75 million in acquisition finance and working capital facilities.
A new entity – Brooklyn Travel Holdings – has been formed to complete both acquisitions.
Middlesex-based Canterbury Travel will be integrated into the group under the Brooklyn banner.
Founder Dolores Collins will remain involved in the business as a consultant, and existing managers Tara Collins and Jacqui Banham will continue managing the business.
Stewart Travel’s management team, led by Duncan Wilson, Rick Green and Brian Cassidy, completed the management buy-out of the company from Minoan PLC supported by Zachary Asset Holdings.
The company has 13 high street shops and specialises in ‘high growth areas’ of the travel market, such as cruise, Canada, Lapland and golf.
A statement on Friday said Wilson has a proven track record in building businesses in the travel sector.
He was formerly CEO of Direct Holidays which was sold to Airtours Group, of which he later became UK CEO.
The Airtours Group was then rebranded as My Travel Group before merging with Thomas Cook Group.
After a short spell out of the industry, Wilson then joined Minoan, initially as a non-executive director.
He then established Stewart Travel, recruiting Green and Cassidy who had worked with Wilson in previous businesses.
Wilson said: "We are all delighted to have concluded what was a reasonably complicated series of transactions. We warmly welcome everyone connected to the Canterbury business to the Brooklyn Travel family of companies."
Rick Haller, who led the investment on behalf of London-based Zachary Asset Holdings, added: "We’ve known Duncan and his team for the past four years and have been very impressed with the results they’ve achieved. We are delighted to back them and their growth strategy going forward."
James Scholes from HSBC said: "The business has delivered excellent growth and has big ambitions – qualities HSBC are very keen to support. We’re looking forward to seeing what comes next for this dynamic business."
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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