United Kingdom
United States
Asia Pacific
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
Exploring Brooklands Museum with Alex Patterson
Global Tourism Challenges and Upcoming Events: A Conversation with Don Welsh
Peebles Barbeque: A Legacy of Flavor and Tradition
Exploring Bok Tower Gardens with Erica Smith
Rue’s Living Water Boat Cruises: Exploring Winter Haven’s Chain of Lakes
Durango and Silverton Railroad: A Timeless Journey Through History and Scenic Beauty
Walt Leger on New Orleans’ Resilience and Major Events Ahead
Cindy Mackin Shares Estes Park’s Winter Thrills
Mark Jaronski of Explore Georgia on FIFA World Cup 2026
Connecting Small Businesses to Global Tourism Markets: Nate Huff of Tourism Exchange
North Carolina’s Resilience: Wit Tuttell on Recovery and Tourism
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
Qatar Airways adding Manchester flights
EU entry-exit system delayed again
ATC strike in Greece could disrupt flights this week
Jet2 unveils Samos as new Greek destination for summer 2026
Icelandair launches inaugural flight to Nashville