US leisure giant wins full control of Florida and villas specialist after year-long talks
Carlson assurances persuade Style Holidays founder to sell
STYLE Holidays managing director Martyn Harrison has sold his 25% stake in the operation to Carlson Leisure Group for an undisclosed sum.
The deal follows more than a year of negotiation between the Florida and Villas specialist and Carlson.
Style founder Harrison agreed to sell his stake after being assured the operation will remain largely untouched when Carlson’s merger with Thomas Cook gets European Commission approval. The EC has to contact both Carlson and Thomas Cook today with its decision, or ask for more time for its investigation.
“I was looking for certain assurances which I have now got,” he said. “I wanted autonomy, the retention of the brand identity and security for my staff.”
Harrison himself has also secured a long-term contract, believed to be five years.
Carlson has wanted to get its hands on Harrison’s share for 16 months. Despite being a majority shareholder, the US leisure giant was unable to cut a deal involving Style without the permission of Harrison.
“Thomas Cook could have taken control of Carlson’s 75% stake in the merger and left Harrison with his share but that is not Thomas Cook’s way,” said a source. “They put a lot of value on Style and wanted 100% of it. Carlson knew that and were prepared to agree to Harrison’s demands to obtain the remaining 25%.”
Thomson and Airtours were both interested in acquiring the operator, based in Isleworth, west London. Harrison declined to comment on speculation he would have opened talks had the deal with Carlson not been reached.