Cooperative Travel Management has bought London-based TMC Parador Travel Management, sending it into the top ten business travel companies in the UK.
The acquisition by the business travel arm of The Cooperative Travel, for an undisclosed sum, will mean annual sales are boosted to more than £100m and a national reach of 16 offices.
The move is a statement by the company of the increasing importance it is placing on the business travel wing of the group.
Said managing director of The Cooperative Travel Mike Greenacre: “The acquisition of Parador Travel Management is further evidence of the importance we place on business travel. It is a particularly important acquisition because it provides us with the London base that is clearly required in this sector of travel if we are to compete for large national accounts that have their headquarters in the city. We shall continue to develop a stronger regional network through either green field development or acquisition, and are particularly keen to open offices in Scotland, Wales and Northern Ireland.â€
Head of Co-operative Travel Management Anthony Rissbrook added: “Parador Travel Management is an excellent fit with our business because it boasts a track record of strong sales growth and sustainable profitability. It has also developed an impressive corporate customer base. We are delighted that the outgoing Managing Director, Alan Weiner, has agreed to continue working with us on a consultancy basis for three months post acquisition and, in addition, we warmly welcome all 40 colleagues from Parador into the Co-operative Travel Management team.â€
By Dinah Hatch
