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Duke Street next stop for Great Rail Journeys
York-based specialist Great Rail Journeys is to be bought by private equity company Duke Street, with former Thomson Travel chief executive Charles Gurassa coming on board as chairman.
The rail operator offers almost 400 itineraries to more than 50 countries worldwide, catering to over 50,000 travellers.
It’s being sold by current owner ECI Partners, which has held a majority stake since 2013.
Great Rail Journeys chief executive Peter Liney said: "We are delighted to be partnering with Duke Street.
"The team very quickly demonstrated a clear understanding of our business, and their experience both of growing businesses in the US and of river cruising was highly attractive to us.
"After five great years of working with ECI, who have helped us to internationalise the business, add new product lines, grow our profits and develop our management team, we are very excited to embark on the next chapter of our story with Duke Street."
Duke Street plans to support the existing management team, led by Liney, to develop the business’ rail and cruise offerings further, both in the UK and internationally.
Charles Gurassa, who is currently chairman of Channel 4, deputy chairman of Easyjet and senior independent director at Merlin Entertainments, will be appointed as chairman.
Tom Salmon, partner at Duke Street, said: "Our experience of backing market leaders in growing segments of the European leisure sector makes Great Rail Journeys a very exciting investment proposition.
"It is an outstanding business which delivers very high quality service to its clients.
"Having known Peter Liney for a number of years, we are looking forward to working with him, Charles Gurassa and the wider team to continue to grow the business both in the UK and internationally."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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