THOMSON Travel Group has continued its spending spree with the purchase of Simply Travel for up to ú29.4m and Poland’s market leading tour operation Scan Holidays for ú6.2m.
The Simply purchase comes just a week after the specialist acquired Headwater Holidays for ú4.8m and managing director Graham Simpson categorically denied the company was being sold.
Thomson is paying an initial ú22.5m for Simply, the majority to Simpson and his wife Yianna, who own 75% of the company. Thomson will pay a further ú6.9m, depending on Simply hitting undisclosed profits for 1999. Graham Simpson will remain as non-executive chairman and all the specialist’s staff are being retained.
In the year to October 31 1998, Simply sold 43,000 holidays, some 75% direct to the public. It reported a pre-tax profit of ú2.2m on a turnover of ú29m. Net assets were ú1.5m.
Simply will become part of Thomson’s Holiday Cottages Group, which is being renamed TTGIndependent Holidays Group.
In Poland, Scan sold 85,000 holidays in the calendar year 1998, a third through its 14 holiday shops. It made profits of ú1.4m on a turnover of ú29m and had net assets of ú0.2m.