Ayscough Travel sold to European Travel Holdings

AYSCOUGH Travel chairman Don Lunn and managing director Bob Morgan have sold their combined 70% share in the travel management company for more than £1 million in a bid to become part of a new global consortium.

Five years ago, Lunn sold a 30% stake in Ayscough to Dutch-based European Travel Holdings – a holding company that owns Seaforths Travel, Telme.com and large Dutch travel agency Advanced Travel Partner.

Morgan broke the news to staff earlier this week that the pair had sold their remaining stake in Ayscough to European Travel Holdings. Lunn owns 60% and Morgan 10%. “It was always our plan to sell but the timing wasn’t right until now.

“The deal also meant Ayscough would not be swallowed up by a multiple such as BTI and it has enabled Don and I to maintain a hands-on role in Ayscough and the travel industry,” said Morgan.

European Travel Holdings is also looking to purchase agencies in Europe – Frankfurt and Brussels are top priority for office locations – and the US.

Both Ayscough and Seaforths, which only have offices in the UK, will reap huge rewards from the deal, which will enable them to go for global accounts.

No staff will be made redundant as a result of the move but the Ayscough name may be changed in the future to a company-wide brand, admitted Morgan. “We couldn’t afford to stand still any longer and eventually we hope to become part of an international consortium,” he added.

The move will give Ayscough access to advanced technology, such as a fares database and client extranet. Morgan will maintain his role as managing director while Lunn will have two responsibilities: he will become non-executive director of Ayscough and chairman of European Travel Holdings.

Seaforths chairman Graham Ramsey will become chairman at Ayscough.