AYSCOUGH Travel chairman Don Lunn and managing
director Bob Morgan have sold their combined 70% share in the travel management
company for more than £1 million in a bid to become part of a new global
consortium.
Five years ago, Lunn sold a 30% stake in Ayscough to
Dutch-based European Travel Holdings – a holding company that owns Seaforths
Travel, Telme.com and large Dutch travel agency Advanced Travel Partner.
Morgan broke the news to staff earlier this week that
the pair had sold their remaining stake in Ayscough to European Travel
Holdings. Lunn owns 60% and Morgan 10%. “It was always our plan to sell but the
timing wasn’t right until now.
“The deal also meant Ayscough would not be swallowed
up by a multiple such as BTI and it has enabled Don and I to maintain a
hands-on role in Ayscough and the travel industry,” said Morgan.
European Travel Holdings is also looking to purchase
agencies in Europe – Frankfurt and Brussels are top priority for office
locations – and the US.
Both Ayscough and Seaforths, which only have offices
in the UK, will reap huge rewards from the deal, which will enable them to go
for global accounts.
No staff will be made redundant as a result of the
move but the Ayscough name may be changed in the future to a company-wide
brand, admitted Morgan. “We couldn’t afford to stand still any longer and
eventually we hope to become part of an international consortium,” he added.
The move will give Ayscough access to advanced
technology, such as a fares database and client extranet. Morgan will maintain
his role as managing director while Lunn will have two responsibilities: he
will become non-executive director of Ayscough and chairman of European Travel
Holdings.
Seaforths chairman Graham
Ramsey will become chairman at Ayscough.