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CT2 on acquisition trail after £6m cash injection
Independent operator CT2 is poised to make acquisitions after receiving a £6 million cash injection.
The Manchester-based company, also known as Club Travel 2000, has received the funding from a private consortium led by North West entrepreneur Nigel Warr, who sold his telecommunications firm Eurocall for £42 million in February.
The investment by Lloyd Street Private Equity will support start-up airline AV8air and expansion of its core tour operating business through acquisition, the company said. Other investors in the consortium include directors Brian Murfin and Stella Donnelly.
Mr Warr, who joins CT2 as executive chairman after taking a majority stake in the business, plans to “bring a new strategic direction to the group to foster its profitable expansion”, a statement said. Mr Murfin continues in his role as chief executive.
The operator, which achieved profits of £2.5 million in 2002, is licensed by the CAA to fly more than 280,00 passengers a year through its CT2 and LOCOflights brands and is ranked as the 10th largest independent tour operator by ATOL capacity.
Founded 20 years ago, CT2 runs seat-only operations to Spain and the Canary Islands and entered long haul last November with package holidays to South Africa with the launch of direct flights from Manchester to Cape Town. South African expansion is planned with AV8air flights to Durban.
Mr Warr said CT2 had the potential to be a market leader “with the additional strategic management expertise and funding we are bringing”.
He added: “AV8air will be central to our growth strategy. The group has a fantastic opportunity to exploit its existing customer base to promote traffic through the airline and this will be a key priority.
“In addition to this initial investment we also have further significant funds earmarked to assist in meaningful acquisitions to complement existing operations.”
Report by Phil Davies
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