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The Travel Network Group set to sign ‘major new member’ following MBO
The management team at The Travel Network Group has completed an MBO of the consortium.
The deal comes as the group, which signed Barrhead Travel and 118 Cruise as members last year, is expecting to announce another major new member shortly.
Managing director Gary Lewis said the management buyout was to enable the team to work for the benefit of the members rather than private equity backers.
The deal, which was completed today, sees senior management owning 85% of the group and private equity financing the remaining 15% – although Lewis did not disclose who the backers are.
There is also an option for managers to buy the remaining stake in five year’s time.
The MBO includes ownership of all membership brands underneath The Travel Network Group, specifically Travel Trust Association (TTA), Worldchoice, Independent Travel Experts, Worldchoice Ireland and TTA Trustees.
Gary Lewis, who has now become CEO of the TTNG, said the deal will ‘stabilise and incentivise’ the management without the ‘natural conflict’ of private equity wanting its return.
The new shareholders include Gary Lewis, Lisa Henning as group membership services director, Avril Hurd as group operations and risk director, Si Prentice as group marketing director and Vim Vithaldas as group commercial and finance director.
Simon Hargreaves, who came from the private equity background, has stepped down as the group’s chairman.
On the deal, Gary said: "I’ve been working towards this for three years. The MBO will bring continued stability to our group and will enable the management team to continue to pursue our strategy of putting Members at the centre of everything we do."
He said the group wanted the freedom to get the right investments to help members grow, continue with different partnerships, be entrepreneurial with technology and provide long term stability for the travel businesses.
Diane
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