All Leisure Holidays has sold specialist operator Discover Egypt as part of a management buyout.

In an announcement today All Leisure said Discover Egypt will become part of Platinum Holidays Ltd from tomorrow (September 1). The financials behind the deal have not been revealed.

The statement added All Leisure Holidays “continues to meet the demands of the growing tour and cruise markets with its brands Travelsphere, Just You, Swan Hellenic, Hebridean Island Cruises and Voyages of Discovery”.

Platinum Holidays was set up in May this year with three directors – Philip Breckner, David Wiles and All Leisure Group’s chairman and director Roger Allard.

All three take an equal share in the business.

Breckner said passenger volumes have taken a hit in recent years, adding that both customers and the trade have “been wrongly” effected by the troubles in Sharm El Sheikh.

Despite a drop in passenger numbers and a 20% reduction in trade bookings, Breckner insisted that the company “has always been and remains profitable”.

He wouldn’t disclose how profitable the business is.