| Journal: TWUK | Section: |
| Title: | Issue Date: 08/05/00 |
| Author: | Page Number: 3 |
| Copyright: Other |
Libra fuels expansion with 75% purchase of Sky Holidays
LIBRA Holidays has continued its rapid expansion with the acquisition of a 75% stake in direct-sell company Sky Holidays.The Greece and Cyprus specialist will take full control by 2005 with a plan to acquire additional 5% stakes in each of the next five years.
The deal, for an undisclosed sum, follows the 75% purchase of Goldenjoy last month.
Gatwick-based Sky Holidays specialises in the Balearics and Portugal and has a capacity this summer of 45,000.
Libra will increase the capacity to 50,000 taking total group carryings to 360,000.
Libra aviation director Themis Drakou said: “Libra’s aim was to move into the Balearics which is still by far the number one destination with the UK market. This deal achieves that aim.”
All Sky’s staff along with managing director Len Barnsdalewill remain with the company. Drakou added it will stay completely separate within the Libra group.