Senior managers at Fleetway Travel have completed a management buy-out which will see founder Albere Rouach step down.

London-based Fleetway announced the buy-out for an unspecified amount this morning, with the support of private equity firms Synova Capital and Tenzing Private Equity.

Managing director for sales Ben Braude and operations managing director James Clarke will take over the business, having invested alongside Synova and Tenzing.

Ian Coghlan, former chief executive of Abercrombie & Kent and Saga Holidays, will join Fleetway as chairman.

Founded 42 years ago, Fleetway Travel offers a range of holidays from city breaks to all-inclusives in destinations across the Mediterranean and worldwide.

Announcing the buy-out this morning, Rouach said: “Fleetway Travel is in the best shape of its 42-year history and is experiencing strong growth.

“It feels the right time for me to pursue other interests and let my talented management team take the business forward.

“They have exciting plans and I believe I have found committed partners to help them achieve their goals. I have every confidence that Fleetway Travel will go from strength to strength.”

In a joint statement, Clarke and Braude said: “We are very excited by this new partnership and very proud of our achievements.

“All the staff at Fleetway are grateful to Albere for his leadership.

“We are looking forward to an exciting future which will see Fleetway continue to grow, develop our excellent trade relationships and be recognised for our market-leading deals and customer service.”

Fleetway call centres in Sheffield and London and a home-working division.

The Sunday Times reported a buy-out was likely yesterday, suggesting the business was valued at about £30 million.