News

THE SPECIALIST Holidays Group has bought specialist sports operator International Academy for £2 million.

SHG, part of TUI Northern Europe, has acquired the Cardiff-based operator from owners Leisure Ventures, run by former former Airtours managing director Harry Coe.

Of the total payment, £1.8 million is payable over the next four years, dependent on the operator's performance.

Coe bought International Academy, known as TIA, in August 2002 for £8.3 million.  It made a considerable loss in the year to April 30, 2003, which Leisure Ventures blamed on September 11, Iraq war, and the SARS outbreak.

A statement by Leisure Ventures to the City read: "This loss has absorbed most of the cash resources of the company.  After consulting with advisers and major shareholders, the directors of the company pursued a number of alternatives in order to secure the long term financial stability of the company and concluded it was best to sell TIA to an organisation better placed to secure the necessary future requirements of the business."

The International Academy operates school ski holidays, ski instructor training and sports coaching programmes, including football coaching.

SHG ski and lakes division managing director Stuart McLeod said expansion was planned in both the operator's ski and football coaching programmes. All International Academy staff will be retained and its chief executive Alun Williams will report into McLeod.