News

THE management of Leger Holidays has confirmed the £22.2 million buyout of Leger from MyTravel.

Led by Leger managing director Ian Henry, the buyout was backed by venture captial firm 3i who originally invested in Leger in 1993 before it was sold to MyTravel in 2000 for £23.1 million.

Leger's parent company Sunway Travel is based in Rotherham and employs 130 people.

Henry said: "We are delighted to have the business back under our ownership and control."

MyTravel said the deal would cut £16.5 million from its debt, which stood at £130 million last month.

The sale comes less than three weeks after MyTravel won an extension to a £250 million credit facility with its banks, after running up full-year losses of £72.8 million.