TCM bought by Aussie firm
Australia-based Corporate Travel Management has bought UK travel management company Chambers Travel in a deal worth up to £39 million over three years.
From January 1next year, Chambers will become the European arm of CTM, which will continue to be run by its existing management team and all 214 employees will retain their jobs. The company will continue to trade under the same name.
Chambers CEO Chris Thelen and other senior managers will have elected share ownership of CTM as part of the deal.
"We are delighted to have Chambers Travel become our anchor point in the UK and Europe to lead future growth in this region," said CTM managing director, Jamie Pherous.
"This partnership culminates a decade of successfully working together allowing a seamless transition for our respective management teams."
Chambers and CTM have worked together on various global bids over the past 10 years.
"There is a huge opportunity to benefit from each other’s strengths, significantly enhancing our service offering to clients, while providing exciting new career opportunities for our employees," said Thelen.
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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