TRAVEL industry veteran Duncan Wilson has led a management buyout of Glasgow-based Stewart Travel, just weeks after leaving its former owner, Minoan Group.
And the new regime immediately signalled its intention to expand the agency by simultaneously announcing a deal to acquire Middlesex-based Canterbury Travel, which specialises in holidays to Lapland.
Mr Wilson, the former boss of Direct Holidays, has acquired Glasgow-based Stewart from Minoan alongside Rick Green and Brian Cassidy.
The deal was backed with finance from Zachary Asset Holdings, which acquired Stewart Travel in September. Zachary stepped in to acquire the profit-making Stewart in a move that allowed Minoan, a listed vehicle set up to develop major hotel resort in Crete - to pay off the debt it owed to the private equity player. Zachary took over Minoan’s £5 million debt in July.
It was announced yesterday that total funding of £23m had been required to finance both the Stewart deal and the acquisition of Canterbury. HSBC provided £12.75m of acquisition finance and working capital facilities, alongside equity investment from Zachary and the Stewart management team.
Stewart, which has13 high street shops and caters to the independent travel market, and Canterbury will retain their trading names further to the deal.
Both now fall under the Brooklyn Travel Holdings banner, a holding group formed to complete the two acquisitions.
Canterbury, which was established by its current owners in 1970, owns Santa Claus-themed villas and hotels and provides a range of Arctic activities in Lapland. Founder Dolores Collins will remain on board as a consultant, while the operation will continued to be led by managers Tara Collins and Jacqui Banham.
Mr Wilson, who had been managing director of Minoan since 2009, said: “We are all delighted to have concluded what was a reasonably complicated series of transactions.”
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