BLUEBIRD Holidays managing director Stephen Powell has led a management buyout of the operator from its Canadian owner, Points North Digital Technologies.
Powell has taken a minority stake and has the backing of some undisclosed private investors.
“We didn’t really fit in with the owner’s business and I was commissioned to find a buyer,” said Powell.
“I talked to several companies, but none of them could safeguard the future of the staff so I decided to find people to back me.”
Powell refused to say how much he and the investors had paid for Bluebird, but he claimed the company was profitable and had assets of £1m after outstanding debts have been paid.
All 34 staff will be retained and Bluebird, which offers flights and holidays to Canada and South Africa, is planning to expand into other destinations.
Powell said Bluebird would retain a close relationship with Points North, which will distribute the company’s products in North America.
Last week a delay in obtaining its Air Travel Organiser’s Licence cost Bluebird around £30,000 in lost turnover (Travel Weekly, October 4).