Travelbag to be sold to Harvey World Travel parent
Australian travel services and hospitality company Stella Group – owner of Harvey World Travel – is the final stages of purchasing leading UK-based long haul travel retailer Travelbag.
Stella expects to be in a position to release confirmation and further details of the acquisition by early this week.
Stella Group managing director Rolf Krecklenberg he was confident of announcing final terms shortly, saying: “We have previously indicated that we had identified an opportunity to expand our presence in the UK with a strategic acquisition.
“Travelbag provides the opportunity for Stella to continue its path towards becoming a fully-integrated, international travel company and will significantly enhance our distribution capabilities in the UK market.”
The Travelbag shops are located across England in London (Strand), Alton, Winchester, Birmingham, Cheltenham, Manchester, Brighton and Nottingham.
Stella announced in June it had completed the first stage of a restructuring, including the refinancing of all corporate debt into a single A$1.2 billion facility.
The facility also allowed A$30 million to fund the acquisition of Travelbag and the management and letting rights for the Circle on Cavill Skyrise Tower in Surfers Paradise, Queensland.
Phil Davies
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