Travelzest acquires luxury cruise retailer
Travelzest has paid £6.5 million to buy Canada-based luxury cruise retailer The Cruise Professionals.
The agency is to be expanded beyond its home market on the back of a buoyant cruise industry.
The Cruise Professionals, formed in 1987, specialises in world cruises with itineraries of 100 days or longer.
It claims to be the largest provider of luxury cruises in the North American market and attracts a high number of repeat and referral customers.
Set up my chairman and CEO Mary Jean Tully, the company has grown from an initial staff of three, to 41.
The agency’s awards include the number one revenue producing agency worldwide 2002-2008 by Crystal Cruises and Top Luxury Cruise Specialist for eight consecutive years (1999-2007) by Condé Nast Traveler.
Tully will remain with the business in her current position.
The agency achieved a total transaction value of almost £17 million in the year to April 30, representing turnover of £2.3 million.
Travelzest has increased its debt facility with Barclays Bank to £16 million to help fund the acquisition.
Chief executive Chris Mottershead said: “The reputation of Mary Jean and The Cruise Professionals business speaks for itself.
“The market for cruises is one of the fastest-growing in the travel industry and we are delighted to be able to bring such a strong cruise brand into the Group.
“This business will continue to build our presence in Canada, alongside itravel2000, our online travel agency, which has performed extremely well since acquisition in September 2006.
“We will also be working with Mary Jean and her team to develop The Cruise Professionals business beyond its home market, where considerable opportunity exists.â€
Tully said: “The Cruise Professionals has grown in size and reputation every year since inception and has an excellent reputation for providing unforgettable experiences for its customers.
“We believe that becoming part of Travelzest and working with Chris Mottershead and the team will help the business move beyond the North American market and capitalise on the growing global demand for luxury cruises.â€
Chris Lee, head of travel for Barclays Commercial Bank, said: “Barclays is very pleased to be funding this exciting opportunity for Travelzest and to extend our existing facilities.
“The Cruise Professionals has already differentiated itself well in the market through its strong brand and slick online customer experience.
“This latest acquisition by Travelzest taps into the growing cruise industry and will add another specialised holiday experience to its wide ranging offering. The luxury travel sector continues to do well and Travelzest is well positioned within it.â€
by Phil Davies
Phil Davies
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