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 capital 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
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.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.