Travel Counsellors has announced that private equity firm Equistone has taken a stake in the independent company.
Refusing to comment on speculation, a spokeswoman for Travel Counsellors would not reveal how much of the business had been sold to Equistone or who now held the majority stake.
The existing management team including managing director Steve Byrne, who has been with the firm for ten years, will remain in place and David Speakman will remain in his role as chairman.
Byrne said: “We will use the investment and partnership with Equistone to take the company to yet another level and accelerate our growth, enabling us to capitalise on the many opportunities we have to expand the business further in both leisure and corporate sectors.
“This expansion will further bolster our global buying power and strengthen our position as the market leading travel company for personal service, to the benefit of our agents globally.”
As part of the deal, Equistone partners Steve O’Hare and Joyce Church will join the board of the company as non-executive directors. He said: “Travel Counsellors has shown impressive long-term year-on-year growth under the current management team.
“The additional funding will be used to develop its support to its agents and market leading software, which is crucial to ensure high levels of service to its growing customer base. We look forward to working with the team and are excited about their plans to expand the business in new and existing territories.”
The company has achieved 60% growth over the past five years with forecast global sales for the financial year end of £424 million.
Speakman revealed it had always been his plan to ensure the “long term interests” of the company.
He said: “It has always been my intention to ensure the long term interests of the company and this latest move enables us to realise the next exciting phase of its growth, making Travel Counsellors even stronger for the benefit of each individual agent.
“We have partnered with Equistone as they buy into our proven business model globally, and our culture and ethos, first and foremost of putting the customer first and having superb, special people as Travel Counsellors and support staff who are committed to doing that. As such we can offer those who want to enjoy the rewards and benefits of running their own travel business an extremely promising future.”