The Libra Holidays Group has changed its name to the Allbury Travel Group and introduced a new management team.
The holding company owns the brands Libra Holidays, Enable Holidays, Sky Holidays, PriceRight Flights and the recently acquired Argo Holidays and Jetlife.
In November the group was saved from collapse in a rescue deal by private investor group Allbury, which now owns 60% of the business. The Libra Group Cyprus remains a minority shareholder.
The new group, which aims to acquire further businesses including niche operators or online retailers, has almost halved its capacity under a new single ATOL bond licenced to carry around 150,000 passengers. All existing bookings will be honoured and financially protected.
Chief executive Eamonn Ferrin, who has been in talks with more than 100 hoteliers to explain the new structure, said the business was taking a more cautious approach to reach profitability in its first year.
The group’s trade brands will continue to sell through agents in similar volumes, with Argo continuing to offer mainly four and five star product and Libra offering three and four star packages.
“The trade is very important to us for our future. We get a lot of support from independent agents and I don’t see any reason why that should change,” he said.
He added there was “significant value” in increasing Jetlife’s profitability and product range.
Meanwhile, staff redundancies have not been ruled out as a result of integrating Argo and Jetlife in the group.
As well as Ferrin, the new management team comprises Michael East as chairman, Sanjay Shah as financial director, and Steve Heapy as product and commercial director.