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Deal to created 3rd largest TMC will ‘provide global reach’
Senior management at The Travel Company will remain with the business “for the long term” despite the acquisition of a controlling interest by BCD Holdings.
Operations director Michele Bibby told TravelMole said she and chief executive Mike Walley, who owned 80% of the firm, wanted to retain a share in the business and play an integral role in its future.
Dutch firm BCD has initially acquired a 20% stake in The Travel Company, rising to around 70% once BCD’s deal to buy TQ3 from TUI receives regulatory approval, probably in March.
Bibby declined to reveal the price.
TQ3 and The Travel Company will form part of a new global travel management company – the world’s third largest behind Carlson and Amex – under a brand to be announced shortly.
The Travel Company brand – 25 years old this year – will be abandoned, along with the TQ3 name.
Bibby said its close working relationship with WorldTravel BTI, which is owned by BCD, was key to the deal.
“We have worked with them for many years and it seemed the natural route to take when BCD came in,” she explained. “The timing was right. We have a strong position in the UK but felt we needed to strengthen our global offering. This deal gives us that.”
She added: “BCD’s shareholding will reach as much as 70% but we wanted to stay with the organisation and retain a stake. We are absolutely here for the long term.”
She said being part of a large organisation will enable staff greater opportunity to serve clients more efficiently and effectively.
The deal, which took around six months to complete, will also add much needed stability for the business and clients, said Bibby.
“We have worked with affiliates in the US but that has caused problems as they either get bought or merged into other networks,” she said.
Prior to its current affiliation with New York-based Synergi, The Travel Company worked with Sea Gate which was last year acquired by Hogg Robinson.
Bibby added an announcement is likely to be made tomorrow (Friday) about its relationship with Synergi.
Report by Steve Jones
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