Management buy-out of Travel Counsellors.
The Travel Counsellors group has just announced an investment by European private equity firm Equistone Partners, which it says will bolster its global buying power and potential for further overseas expansion.
According to a statement the existing management team will remain in place, including md Steve Byrnes who’s been with the company for ten years, while founder David Speakman will remain in his role as chairman.
Details of how the deal has been structured haven’t been made public, but the statement says the investment from Equistone will “facilitate the management buy-out of the business”.
“It has always been my intention to ensure the long term interests of the company and this latest move enables us to realise the next exciting phase of its growth,” said Speakman, who together with his wife Maureen founded Travel Counsellors in 1994.
“We have partnered with Equistone as they buy into our proven business model globally, and our culture and ethos, first and foremost, of putting the customer first and having superb, special people as Travel Counsellors and support staff who are committed to doing that,” Speakman said.
In Australia Travel Counsellors has around 120 members who are part of 1,300 worldwide including in the UK, Ireland, Belgium, South Africa, the Netherlands, the UAE and Canada.
More information in tomorrow’s issue of Travel Daily.