Allbury is taking 35% of Libra Holidays’ shares in return for a £1 million payment as the tour operator’s managing director Akis Kyprianou stands down.
As part of the deal, the private group of investors will be given a further option to acquire an extra 25% for £2.5 million until February 15 next year.
Libra is also facing a number of changes, including the appointment of a new management team and a new business plan, both of which must be approved by the Civil Aviation Authority.
Excel Airways will also convert a £2.4 million loan to Libra into a 20% stake of its shares with the option to sell half of it back to Allbury for £1.2 million.
Meanwhile chief executive of the parent company Libra Holidays Group Andreas Drakou will take the role of interim managing director following Kyprianou’s resignation today.
A new managing director will be appointed shortly.
Kyprianou said: ““The Libra Holidays Group has announced its plans for the tour operation in the UK and the new owners will proceed to appoint a new management structure.
“After 12 years at Libra Holidays, it is time to move on.”