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Staff reassured after 75% of Travel Republic sold
Online travel agency Travel Republic was hoping to reassure staff today after the company sold 75% of its shares to a subsidiary of Emirates.
Staff were surprised to hear that dnata, a large air services provider, had bought a majority stake despite knowing that the agency was looking for investment.
Dnata would not disclose the price agreed on 28 December.
Managing director Kane Pirie declined to speak today but has previously said the deal will help to accelerate growth and that the agency would continue to expand and recruit.
In a press release he said: "We are excited that Travel Republic has joined the dnata family. dnata is forward thinking and ambitious.”
It is not confirmed yet whether Pirie will stay at the company or not.
The acquisition continues dnata's international expansion and is one of the biggest transactions in the company’s 52 year history.
"Travel Republic will complement our existing leisure and corporate travel services in Dubai and internationally," said Iain Andrew, divisional senior vice president of dnata's travel business.
"The company has an impressive, dynamic management team and I am confident that together we can further develop the business, in line with the outstanding service and quality for which dnata is renowned."
Travel Republic has been one of the fastest growing agencies in recent years moving towards dynamic packaging using low cost airlines.
It was also found not guilty of breaching ATOL regulations after regulators at the CAA took court action. The CAA dropped the case.
The business was set up in 2003, the brainchild of two university friends; Paul Furner and Chris Waite.
Pirie joined in 2005 as finance and operations director.
By Diane Evans
Diane
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