First Choice splashes out £7m for Crown

First Choice splashes out £7m for Crown

FIRST Choice is continuing its strategy of buying specialists with the £7 million acquisition of European motor cruise company Crown Holidays.

But the deal will also see the Crawley-based operator assume debts of £14 million.

Crown sells holidays in France, Germany, Switzerland, the US and UK and carries 50,000 passenger each year. It will join First Choice’s Marine division, which includes yacht charter businesses Sunsail and Stardust. Its fleet of 500 boats operates predominantly in France, Holland, Germany, Ireland, Scotland and Italy.

Chief executive Peter Long said:”Our distribution and capital resources will enable us to develop Crown to its full potential.”

Crown’s management team will remain with the company.