Stewart Travel owners Brooklyn Travel Holdings has bought upmarket specialist Villa Select from ITC Travel Group for an undisclosed sum.
It is the second major purchase by the company behind the Glasgow-based travel agency Stewart Travel.
Villa Select, based in Alcester, Warwickshire, and Palma, Majorca, has around 365 high-end properties. The company was set up in 1983 and is known for offering a range of “character” villas, from traditional rustic properties to contemporary, luxury villas.
All Villa Select customers protected under ITC’s current Atol and Abta will now by covered under Canterbury Travel’s licences, said Wilson.
Brooklyn Travel Holdings was formed last year at the time of the management buy-out of Stewart Travel and purchase of Canterbury Travel.
Duncan Wilson (pictured), chief executive, Brooklyn Travel Holdings, said: “We are delighted to welcome all Villa Select colleagues and customers to the Brooklyn Travel family.
“Whilst it is true that we are in expansion mode, we are only interested in organisations that share our culture of quality product and service at value for money prices.
“ITC is a fabulous company and I have known their chief executive for a long time.
“We agreed Villa Select as a brand is more suited to our portfolio than theirs. Our strategic path is one of building a portfolio of specialist brands which are performing well in their own right and may be assisted by our bulk buying power and our retail estate that is Stewart Travel.
“We have very ambitious plans to grow and develop Villa Select in a very short period of time, significantly increasing the already impressive property portfolio at the company’s disposal.”
Wilson, former UK chief executive of Airtours and later non executive director of Minoan Group, has a proven track record in building businesses in the travel sector. He added: “We are all delighted to have concluded this latest transaction.”
Jennifer Atkinson, chairman, ITC Travel Group, said: “I am delighted that Villa Select has gone to the best possible home in Brooklyn Travel. We know the business and the team will continue to excel under the guidance and support of Brooklyn and wish the staff the very best of success in the future.”
The management buy-out of Minoan Group’s Stewart Travel, and resulting creation of Brooklyn Travel Holdings, along with the acquisition of Lapland specialist Canterbury Travel in November last year marked the first stage of a ‘buy and build’ strategy. The deals were worth a combined £23 million.
Wilson, and senior managers Rick Green and Brian Cassidy completed the MBO of Stewart Travel from AIM-listed Minoan PLC supported by private equity firm Zachary Asset Holdings.
Middlesex-based Canterbury Travel was also brought under the umbrella of Brooklyn Travel Holdings, which was formed as a Bid Co to complete both acquisitions.
Stewart Travel has 13 high-street shops and specializes in providing holidays in the cruise, Lapland, and golf sectors, as well as to Canada, nationwide.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.