Barrhead Travel has confirmed that its agreement to be acquired by US-based Travel Leaders Group has been completed.

The deal, revealed by Travel Weekly last week, has now been finalised following a full exchange of contracts – making Barrhead Travel now a part of Travel Leaders Group’s UK presence alongside its Colletts Travel, Protravel International UK and Tzell UK brands.

Founder and chairman Bill Munro, who started the Glasgow-based business in 1975, will continue to serve in a strategic advisory role as chairman of the Barrhead division within Travel Leaders Group.

His daughter, and Barrhead’s chief executive, Sharon Munro, will continue to manage the business. Barrhead says no major changes in operations are anticipated, including the terms and conditions its more than 900 staff members.

The cost of the acquisition hos not been disclosed.

Sharon Munro said: “We are pleased to announce the completion of this transaction and we look forward to being part of a growing family of brands at Travel Leaders Group.”

Travel Leaders is the largest travel agency business in the US with more than 7,000 owned, franchised or affiliated travel agencies.

Speaking to Travel Weekly, chairman Bill Munro set out plans to treble the number of homeworkers, managed travel agents and large retail stores it operates with the investment it will receive from Travel Leaders.