Travelsphere buys Page & Moy
The operator Travelsphere has bought its rival Page & Moy for about £30 million, creating in one fell swoop the largest UK holiday provider for over-50s.
The Independent newspaper reports that the deal will create a group with combined revenues of £175 million and a customer base of some four million people.
The newspaper reports that HgCapital, the group that owns 40 per cent of Travelsphere, is now hoping for success in selling financial services to its large customer base.
Director Jeremy Sharman is quoted as saying: “Now we have a travel business that is bigger than Saga, the obvious thing is to look at launching financial products such as insurance,” adding that floating the company some time in the next two years was “certainly” on the agenda.
Mark Watts, Travelsphere’s managing director, said that the two companies would continue to run as separate concerns, reportedly adding: “The brands will prosper by having their two separate identities.”
Report by Tim Gillett, News From Abroad Ltd
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