The boss of Newmarket Holidays has reaffirmed the company’s commitment to the trade in the wake of new investment and board members.
Chief executive Niel Alobaidi said travel agents would continue to play a “significant” role in the escorted tour operator’s future distribution as he welcomed investment by private equity firm Soho Square Capital.
Current owners Simon Hibbs, Jeremy Griffin, Toni Frei and Alobaidi remain majority shareholders, while Soho Square Capital takes a “significant minority” stake in the business.
More: Newmarket Holidays receives private equity investment to boost growth
The operator has also appointed new directors to its board as part of the changes to steer the business to “considerable growth”.
Ailsa Pollard, ex-chief executive of dnata Travel UK & Europe, is joining as a non-executive director, while Geoff Parkin, former senior partner at LEK Consulting, is joining as chair of the operator’s board. Soho Square Capital director David Steel is also joining the executive board.
Speaking on a Travel Weekly webcast, Alobaidi said the investment aimed to bring fresh ideas and “new energy” into the business.
He said: “We have had lot of success, particularly over the last two years. Soho Square has worked in the consumer space – that was part of the excitement. That is really important and will bring a different mindset.”
He stressed agents would continue to be key to the operator’s distribution. Currently, agents account for 45% of sales, while direct sales and newspaper advertising make up 55% of business.
Alobaidi said: “Trade is a really significant part of our business. Strategically, it will continue to be, 100%. Ailsa’s background has always [been in roles that] supported trade; it’s not like anyone is coming in who will be challenging that. We are delivering through the trade and the intention is to keep going and accelerate wherever possible.”
The investment follows new appointments in the trade team. In February, Freya Sutcliffe started in the new role of retail account manager for the northwest, while Wayne Szczambura has just joined as account manager for the northeast. Hayley Morris joins as head of trade sales and partnerships later this month, succeeding Richard Forde.
“We are very confident Hayley is going to bring some new ideas and new opportunities,” said Alobaidi, adding that the new staff would also help bring “a new energy and get us out there even more”.