| Journal: TWUK | Section: |
| Title: | Issue Date: 22/05/00 |
| Author: | Page Number: 59 |
| Copyright: Other |
meetthe
MD
This week: Andreas Drakou, Libra Holidays
Age: 42
As I was standing behind the sink in a Wimpy kitchen, washing dishes for a living, I had a vision for a bright future.My consolation was promising myself and really believing I could do anything so I would never be in this position again.
Perhaps those hard times after my father died in 1972 are the deep-rooted cause of my need to succeed and my constant urge to create without pause. At his bed in the hospital before he died, I promised him I would study so that I could look after the family to the best of my abilities.
On my arrival in England in 1972, I studied very hard and by the age of 16, I had the necessary qualifications to go to college. I took my accountancy degree at North London Polytechnic.
My first proper job was as an accountant with the London firm Chapners Coopers. After this, I spotted an opportunity to rent a 33-bedroom hotel in Chalk Farm from my uncle and I took this project on. Soon it was full, with the basement turned into a nightclub called The Funny Farm which was visited by George Harrison. This initial interest helped to set me up in my first venture and I knew I would be looking to achieve more.
By 1983 the travel company venture had grown dramatically and three years later I became involved with Olympic Holidays. Simultaneously I was buying property in London and renting it out to the council – a profit-making venture that I sold in 1993. After a management buy-in for Olympic Holidays in 1988, I concentrated on the hotel and property business but all this was not enough.
In 1983 I jumped at the opportunity to invest as a sleeping partner in an Athens-based medical firm. This business developed and through its associate company we developed the business that is now known as Options Eurocongress. Encouraged by the success of this company, I decided to relocate to Athens in 1990 with my family. The business is now a Cyprus-listed public company and I hope to double last year’s £10m turnover and profits of £2m.
The first major step into the tour operating business, however, did not come until 1996 when, with my brother Themis and friend Victor Mantovanis and other investors, we acquired Libra Holidays from the Lordos family. We then bought the business of Priceright Holidays together with its management Akis Kyprianou. We knew we could substantially increase its capacity of 5,000 passengers to the island and turn it into one of the top 10 tour operators from the UK.
The Libra Holidays Group had a turnover in excess of £60m last year with an expected group turnover of over £150m this year. It was listed on the Cyprus Stock Exchange in July 1998. Libra Group strategy is to become a vertically integrated tour operator with the aim of listing on the Athens Stock Exchange or NASDAQ in the near future.
In our attempts to expand last year, the Libra Holidays Group acquired Aztec Holidays, inheriting the US and Egypt programme, and completed an agreement with Egyptian and worldwide specialists Golden Joy Holidays. We have also recently purchased 33% of Sabre Airways and agreed to buy up to 78% subject to Civil Aviation Authority approval, which will enable us to have enough capacity for our growth plans.
Next in line are plans for further hotel acquisitions by subsidiary company the Droushia Heights Group.
Libra already owns the Droushia Heights Hotel, the Cypria Maris in Paphos, the Laura Beach Hotel in Paphos, the Chrysland Cove in Protaras, the Aqua Marina in Limassol, the Plaka Hotel in Latchi and the Florida Beach Hotel in Ayia Napa plus the Piccadilly Hotel in Aegina, Greece.
My favourite holiday retreat is in the mountains in Cyprus. The air is fresh, the locals so friendly and life goes on at an enjoyable pace. I intend to have a permanent holiday home here and to make the most of my time with my family. After all, they are my inspiration and motivation.
CURRICULUM VITAE
1979: takes over Kypriana Hotel in Camden.
MY TOP TIPS
l Don’t be afraid to take calculated risks.
* Choose your team well, ensure they understand and share your vision and trust them.
* Work very hard.
* Have the ability to trust your instincts.
* If at first you do not succeed, try again.
* Have a vision, then follow it.
* Share your success with your team and staff.