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Luxury travel firm in £12m float
Luxury operator Western & Oriental is to float on the AIM with an estimated value of £12 million.
The initial public offering will help fund expansion through acquisition, according to chairman David Howell, former finance director at lastminute.com.
“We believe the time is right to lead the consolidation of the luxury travel marketplace,” he said.
Western & Oriental has acquired event management and incentive travel company Lynton Cooper and its tour operating brands Ski the American Dream, Hawaiian Dream and Hawaiian Holidays in a deal reportedly worth more than £900,000.
The deal is due for completion on March 21, the date of the completion of the float of Western & Oriental, which also owns the Regent Holidays and Ranch America brands.
Lynton Cooper managing director Gerry Manser said: “Becasue of the synergies between us and our new parent company and the competitive advantages of economies of scale, we have decided to combine our businesses and our expertise together under the one company, Western & Oriental Group.”
Report by Phil Davies
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