Acquisitive luxury travel group Western & Oriental is targeting six potential takeovers after completing £14.4 million in fund raising.
Chairman David Howell outlined the next phase of development at the company’s EGM.
“We have already identified six companies with an approximate combined aggregate turnover of £34.2 million which meet our acquisition criteria,” he said. “This fundraising puts us in a strong position to continue to build the business.”
The fund raising from a share placement was an important step in the development of the company, he said.
“Since our admission to the AIM in March 2006, we have delivered on our strategy to lead the consolidation of the highly fragmented luxury travel sector with the successful completion of seven acquisitions,” said Howell.
“The board believes there remain significant opportunities for further acquisitions in the luxury travel sector to further enhance the company’s buy and build strategy.”
by Phil Davies
