Portman Group Holdings, owners of Portman Travel, the business travel management company, has acquired Fleet Street Travel in an undisclosed multi-million-pound deal.
The moved was aimed at making Portman a bigger player within the UK and internationally, said chief executive Graham Flack.
“The acquisition of Fleet Street Travel enhances our substantial influence in the UK travel management market at a time when we are increasing our presence on the global stage via an accelerated investment in Radius, the global TMC grouping.”
The deal follows Portman’s purchase of P&O Travel in November 2006, and strengthens the Portman network of specialist business travel centres in major towns and cities across the UK, Flack said. Portman turnover in 2008 is projected to exceed £400m, compared with £296m in 2007. Portman is backed by private equity firm Vision Capital in this strategy.
The group’s enhanced buying power would benefit customers, he said. “What this will mean is that we can offer customers the benefits of even greater scale, including a bigger European presence and enhanced buying power. We also believe the acquisition will aid our strategy of attracting and retaining talented people within the industry by giving them greater opportunities to shine in an enlarged group.”
Founded in 1986, Fleet Street Travel has six offices in the UK, Ireland and the Netherlands. As part of the acquisition, Fleet Street Travel managing director Michael Hare will join the board and executive team of Portman Travel, which comprises Flack, finance director David Canavan, and marketing and development director Bob Govan.