Over 50s travel specialist Saga has bought a majority stake in Destinology, an online firm specialising in luxury holidays to Dubai, the Far East, Indian Ocean and Europe, for an unconfirmed sum.
Destinology, founded in 2004, is a privately-owned business based in Bolton, where it employs over 100 people. Saga said the its key senior management, including chief exectuive and founder Dominic Speakman, son of Travel Counsellors founder David Speakman, will remain with the business.
It opened its first high street shop, in Wilmslow, Manchester, last year.
A Saga spokesman said there would be no change of location for Destinology or changes to any personal, adding "they are all becoming part of the wider Saga plc family".
It is understood that Saga has paid £20 million for a 75% stake in the company. It has an option to buy the remaining stake, and newspaper reports suggested it could pay a further £10 million if Destinology meets performance targets.
The Saga spokesman said the figures were "in the ball park" but declined to specify the precise amount agreed.
The acquisition has been wholly funded from existing resources, said Saga, whose revenue reached almost £1.2 billion last year.
Saga group chief executive Lance Batchelor said: : "Destinology is one of the UK’s leading travel businesses with strong expertise in online sales and marketing and award winning service so we are very pleased to have brought the business into the Group.
"It is an excellent fit with our existing travel brands – Saga Holidays, Saga Cruises and Titan Travel – particularly in relation to the demographic it serves, and will enhance our range of travel offers to customers."
Saga’s travel division employs approximately 1,200 people, selling approximately 194,000 holidays each year.
