News

Stella Travel Services has assured its agencies their future is secure following the sale of a 65% stake in the group’s tourism business.

Parent MFS sold the stake for £187 million to private equity investor CVC Asia Pacific this week.

Stella Travel Services UK managing director Andrew Laurie said the deal would free up funds for investment and revealed further UK acquisitions are likely by Easter.

Laurie said: “We are in talks with various people. Our appetite to expand in this market is still strong. We are evaluating some acquisitions and we are now in a stronger position to pursue these opportunities.”

Laurie has also drafted in David Rivers, former boss of the Australian chain of Harvey World Travel, for six months to help work on projects for Stella’s retail groups in the UK.

“He [Rivers] will work out the best proposition for agents in the UK,” Laurie added.

Stella Travel Services (UK) bought the Global Travel Group in November and also owns Harvey World Travel and tour operator Travel 2/4. Its bid for travel agent consortium Worldchoice was rejected this week in favour of a rival offer from the Travel Trust Association.

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