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Travel Counsellors’ investment allows partial management buyout
An investment in Travel Counsellors has been confirmed allowing a partial management buyout of the homeworking group.
Equistone Partners Europe has invested a stake in the company which it says will facilitate the Management Buyout of the business and see the directors own part of the company.
Travel Counsellors would not disclose the amount of investment or percentage of the company involved.
The remaining ownership will stay with David and Maureen Speakman who founded the company in 1994.
A statement by the homeworking group said: "The company envisages that the investment from Equistone to facilitate the Management Buy Out of the business will provide it with a platform to build on this growth even further, whilst still maintaining the unique and highly personal approach to travel that has seen Travel Counsellors achieve one of the highest customer satisfaction scores* in the world."
The business will maintain its existing management team including managing director Steve Byrne and David Speakman who will remain in his role as Chairman.
As part of the deal, Equistone partner Steve O’Hare will join the board of the company as a non-executive director.
He said: "Travel Counsellors has shown impressive long term year on year growth under the current management team. The additional funding will be used to develop its support to its agents and market leading software, which is crucial to ensure high levels of service to its growing customer base."
David Speakman said: "It has always been my intention to ensure the long term interests of the company and this latest move enables us to realise the next exciting phase of its growth, making Travel Counsellors even stronger for the benefit of each individual agent."
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