I noted with amusement Jeremy Skidmore’s reference to Martin Morgan of Travel House as ‘either the luckiest or shrewdest man in the business’ (Travel Weekly October 11).
I represented Martin and Louisa Morgan in their sale of Travel House to Thomson in May. I can tell you they’re a pretty shrewd pair.
But although a maximum of £40m is a lot of money, Thomson didn’t get such a bad deal either. Since the Morgans went into the Thomson fold, I hear that they have tripled the size of their retail business to nearly 60 units and doubled the number of Teletext pages they operate.
And I’ll bet this growth, which will have been sensibly managed, has cost a hell of a lot less than the ‘£4m cheque from Thomson’ that Skidmore, in another context, also mentions.
So although the Morgans’ timing may have been smart, I’m certain their sale of Travel House was a great deal for all concerned.
Entrepreneurial talent like Martin’s doesn’t always come cheap, but boy, does it get results.
Peter Hemington
Head of Mergers and Acquisitions
BDO Stoy Hayward Corporate Finance
London W1