HOLIDAYBREAK has acquired Explore Worldwide in a deal worth £30m after the adventure-holiday specialist rejected higher offers for the company.
Thomson and Airtours were both interested in the Aldershot-based operator, which made a £3.3m profit in the year ending September 1999.
Travel Weekly revealed in December, however, that Holidaybreak was the likely buyer.
Explore managing director Travers Cox, who co-founded the business in 1981 with operations director Derek Moore, raked in around £23m for his 76% stake; with Moore, who owned 21.5%, earning around £6m.
Finance director Bill McIlwraith with a 2.5% stake receives around £750,000.
All management and staff will remain with the operator.
“We had several approaches, but Holidaybreak was the best fit,” said Moore.
“It was important we did not lose our identity or get swallowed up. Holidaybreak will give us the resources we need to expand.”
Holidaybreak chief executive Richard Atkinson said it would look to develop family adventure holidays by building on its existing strong family market.
Explore may also be marketed in Holland, Germany, Switzerland and Ireland where Holidaybreak has offices.
Explore, which operates in six continents and almost 100 countries, carried 24,000 passengers in 1999 and generated turnover of £22.2m.