Travel Counsellors gets new backer

Travel Counsellors has confirmed a secondary management buy-out, this time backed by investment group Vitruvian Partners.

The franchise group carried out a management buy-out in October 2014, backed by Equistone Partners Europe and led by CEO Steve Byrne.

It said its new backer, Vitruvian Partners, will continue to ‘invest in and build on Travel Counsellors’ success bringing its wide sector and technology experience together with the company’s differentiated business model and culture’.

Vitruvian has previously backed other travel businesses, Skyscanner, JacTravel and OAG.

The same management team will continue to lead the business and a spokeswoman said there would be no staff changes.

Travel Counsellors was founded in 1994 by David Speakman and it is believed he has disposed of all his interest in the company this time around.

The group, headquartered in Manchester, has expanded over the years and now has operations in Ireland, the Netherlands, Belgium, South Africa, Australia and the UAE.

Byrne said: "Steve O’Hare and Equistone have been integral to our recent success, helping us to scale the business, strengthen the leadership team and invest in the technology and support we provide to our franchisees and colleagues. We will always be grateful to them for the support and care they have shown the business, the people in it and the investments they have made in us.

"The fact that we have secured a secondary buy-out is testimony to the confidence in the long-term growth prospects and plans for the company. We have carefully chosen the right investment partner with the experience in technology particularly, who also have a deep and natural affinity to our business model and values.

"They will help us realise the many opportunities we have to grow in both the leisure and corporate markets globally and provide the platform for each of our franchisees to accelerate and future proof the growth of their own businesses."

Ben Johnson, partner at Vitruvian Partners, added: "We are excited to announce our investment in Travel Counsellors. It is a business with a unique culture and reputation and high standing in the travel industry. We believe in its focus on empowering its Travel Counsellors to work flexibly and smarter using the company’s propriety technology.

"We only back exceptional high growth technology-enabled businesses with stable, proven leadership teams. We are proud to back the business and just want to help it grow and be even more successful."