Three directors of Leger Holidays have acquired a 30% stake in the business with backing from NatWest.
Commercial director Liam Race, finance director Andrew Oldfield and operations director Chris Plummer have all acquired shares in the business.
Ian and Kathleen Henry will continue to hold a 70% shareholding in the coach touring specialist with Ian Henry remaining chief executive.
Rotherham-based Leger Holidays turned over £34.9m in 2019.
Ian Henry said: “This transaction ensures that the business has the continued ownership of the Henry family but also brings on board the next generation of managers and owners meaning we can continue together to strengthen and grow the business over the coming years.
“I will remain active in the business, but as has been happening over the last twelve months, Liam, Chris and Andy will be leading us on a day to day basis.”
Race said: “This is an exciting time for the business. We’ve seen a solid start to January with bookings for 2020 up 17 per cent.
“As well as focusing on continual improvement to our customers’ holiday experiences we will be looking to grow sales through travel agents with additional presence in our on-the-road sales team to support Ashley Dellow.”
Andy Croasdell, relationship director at NatWest, added: “It’s an exciting time for Leger Holidays as the business embarks on this new era of its development. The management team led by Liam, Andy and Chris is in a strong position to continue delivering on their commitment to provide first-class holidays to customers, and we wish all involved every success for the future.”
Leger is well-known for offering battlefield tours and produced its largest brochure to date for 2019-2021 featuring more than 255 holidays, including short breaks, solo trips and cruises.
In 2002, Leger underwent a management buyout from MyTravel, the owners of Airtours.
Managing director Ian Henry led the buyout, which was backed by venture capital firm 3i, which originally invested in the operator in 1993 before it was sold to MyTravel in 2000 for £23.1 million.