THOMSON Travel Group has continued its acquisition policy with the ú1.975m purchase of direct-sell operator Spanish HarbourHolidays.
The Bristol-based company is a specialist provider of inclusive and accommodation-only holidays to the Costa Brava. It was set up in 1986 by Len Salter and Barry Warren, both of whom will be consultants to Thomson for the next 18 months.
The company employs five other people and, in the year to December 31 1998, sold 6,500 holidays and reported a profit before tax of ú357,000 on a turnover of ú2.4m. Net assets of Spanish Harbour Holidays at the end of last year were ú203,000.
Thomson said the acquisition would complement Something Special Holidays, which was acquired by the group in 1996 and is a UKholiday operator providing villa holidays in France, Spain, Portugal, Greece and the US.
Spanish Harbour Holidays will be run as a standalone business within Thomson’s Independent Holidays Group, reporting to Something Special managing director David Oldland.
Thomson said it would expand Spanish Harbour Holidays’ business into new destinations and added the company would benefit from the group’s extensive information technology systems, databases and direct selling expertise.
Thomson chief executive Paul Brett said: “The acquisition provides Thomson with another excellent opportunity to add a successful and complementary brand to its expanding portfolio of specialist touroperators.”
Salter admitted the prime reason for selling was the chance for him and Warren to pocket nearly ú1m each. “Also it is getting increasingly difficult to get flights as an independent,” he said. “This deal was the best one for the company.”
Spanish Harbour Holidays was a member of the Association of Independent Tour Operators. AITO chairman Paul Chandler confirmed the company would be leaving the association following the purchase.
“I would say good luck to them, but if they are making healthy profits, why sell?” said Chandler. “At AITO we believe we have something very positive and different to offer the customer.”