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Major shake-up at Libra Holidays
Excel Airways is to take a stake in Libra Holidays as part of a shake-up that will see a new management team installed.
UK managing director Akis Kyprianou announced his resignation today following the operator’s parent company issuing a statement to the Cyprus stock exchange giving details of new investors.
An investment company called Allbury is to inject £1 million into Libra Holidays UK and will acquire a 35% stake, with an option to take a futher 25% for £2.5 million.
Excel Airways is to convert a £2.4 million loan into a 20% stake in the operator with an option to sell back to Allbury.
Negotiations are on-going about the appointment of a new management team at Libra, which is licensed to sell 160,000 holidays mainly to Greece, Cyprus and Egypt.
The statement said the deal was subject to the Civil Aviation Authority’s approval the new management team and a new business plan.
No mention was made of the impact on staff in the UK where around 50 are employed at the operator’s head office.
Group CEO Andreas Drakou has assumed the role of interim managing director until a new full time replacement is appointed in the next few weeks.
Kyprianou said: “The Libra Holidays Group has announced its plans for the tour operation in the and the new owners will proceed to appoint a new management structure.
“After 12 years at Libra Holidays, it is time to move on. During this period I have made a lot of good friends all of which I thank, for their solid support that they have offered the company and myself over the years.
“I would also like to say a big thank you to all the management and staff both in the UK and overseas and to wish them all the success in their new roles within the company.
“I will remain at the disposal of the new management for the appropriate changeover period.”
by Phil Davies
Phil Davies
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