Gold Medal bosses say they knew as soon as dnata expressed an interest in buying the operator it was a perfect match.
Managing director Steve Barrass stressed the deal came with no blank cheque and high expectations from the Middle East parent in terms of performance.
But he said dnata was the preferred choice from among six or seven other parties.
“When you are a management team you are passionate about who your owners are,” he said. “You want them to invest and give you a sustainable future for all people in the business.
“When we knew dnata were interested we knew they were the ones for us. There was good chemistry early on. Dnata’s not bought Gold Medal to stand still.”
Added clout
Barrass described the £45 million buyout as a “win” for all parties, with Gold Medal striking an exclusive partnership with Thomas Cook for supplying its scheduled air and car hire.
He said this, aligned to dnata’s considerable buying clout as a retailer in its own right, would give Gold Medal a significant boost in its negotiations with suppliers.
“When we are talking to suppliers now we are talking revenues underpinned by Thomas Cook, the Gold Medal legacy of delivery and also the dnata relationship,” he said. “I would expect us to get the best deal. We get the best deal and we pass that on to the independent agents because that’s what our business is all about.”
Barrass admitted the period leading up to Gold Medal’s eventual buyout was difficult as rumours circulated.
“Harriet Green [Thomas Cook chief executive] had spoken about a disposal strategy of non-core businesses and, although not publicly stated, Gold Medal was assumed to be one.
“It was a challenge for the staff and we had to manage that, but we kept key staff and we were trading well.”
Growth strategy
Robin Parry, marketing, product and commercial director, said: “Dnata’s strategic intent is about growing, and growing quickly.
“When it acquires companies it tends to acquire to invest and step-change their growth. Also, they were talking to us about how we could help them.”
Parry said various plans were under consideration including new products, such as cruise, as dnata has already indicated, new markets and new customers.
“It’s very early days for us but we are excited,” he said.