Hoseasons bosses in £40 million MBO

SENIOR management at the Hoseasons Holiday Group have carried out a management buyout of the group from owners ECI Partners.

The deal, conducted with the backing of venture capital firm HgCapital, values Hoseasons at up to £40 million.

Hoseasons will continue to operate out of Lowestoft and Ken Gaylard will continue as managing director until his retirement within the next 12 months. An announcement on his successor will made in the near future.

Travel trade director Yvonne Borg, marketing director Tim Fullam, and financial director Paul Temple will carry on as executive directors, and Ron Haylock will remain as chairman. HgCapital's Jeremy Sharman and Richard Mathews will also join the board.

The company, which has seen turnover reach over £120 million in the last three years, has assured the trade it is "business as usual”.