Leger in £22.2 million MBO from MyTravel

THE management of Leger Holidays has confirmed the
£22.2 million buyout of Leger from MyTravel.

Led by Leger managing director Ian Henry, the buyout
was backed by venture captial firm 3i who originally invested in Leger in 1993
before it was sold to MyTravel in 2000 for £23.1 million.

Leger’s parent company Sunway Travel is based in
Rotherham and employs 130 people.

Henry said: “We are delighted to have the
business back under our ownership and control.”

MyTravel said the deal would cut £16.5 million from
its debt, which stood at £130 million last month.

The sale comes less than
three weeks after MyTravel won an extension to a £250 million credit facility
with its banks, after running up full-year losses of £72.8 million.

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