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Holiday Extras in management buy-out
Holiday Extras has confirmed a £30 million management buyout with the support of its long-standing financial partner Natwest.
The remainder was covered by medium term shareholder borrowing.
The deal values the company at almost £100 million and places 55% of the company’s equity into an employee benefit trust.
As part of the agreement, 12.7% of the company’s value will be ring-fenced to distribute to employees in the event of a future sale.
The management team is led by Group chief executive Matthew Pack, son of the founders Gerry and Carol Pack, supported by deputy CEO Simon Hagger, chief operating officer David Norris and chief financial officer Andrew Parker.
"Today marks an exciting milestone in Holiday Extras’ development as we set the stage for the future by strengthening the ownership and value of our business, and putting in place an exciting development plan for the next five years," said Pack.
"Holiday Extras’ experienced management team and dedicated staff are crucial to our future success, and I’m delighted that there is now a robust mechanism in place to share the value of the company with them."
The group Board is made up of Pack, Parker, non-executive chairman Mark Smith and non-executive directors David Kelly and Jeremy Pack.
Gerry and Carol Pack, who founded the business 35 years ago, said: "Holiday Extras is in good hands. The team are brilliant, lively, energetic and progressive. We love the plan and the vision."
Holiday Extras plans to expanding organically and through acquisitions.
It recently bought Chauntry Corporation and Purple Parking.
It also plans to add new locations in Europe and next year will unveil an ‘evolved product offering’.
Holiday Extras employs 1,000 people with offices in Kent and Munich.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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