Travel firm 1st Class Holidays gets £2.5m boost

Manchester-based travel company 1st Class Holidays has received a £2.5m boost from private equity fund PHD Private Equity.

The seven-figure investment will be used to accelerate growth and provide an exit for 1st Class’ finance director, shareholder Henri Treffers.

1st Class, which offers tailormade holidays to North America, New Zealand and Australia, will continue to be run by founders Paul Ainsworth and Sharon Mason following the deal.

The investment was led by Andy Dodd and Craig Richardson, partners at Warrington-based PHD Equity, along with the firm’s director Tony Meakin.

Paul Ainsworth said: “Over the last 20 years we have built a high quality service offering and established a strong market position particularly in Canada.

“The backing from PHD and its partnership approach will give us an even stronger platform to accelerate our plans and take our business to a new level.”

He added: “It is great to be working with an enthusiastic team who share our conviction that our business can be scaled up.”

Calling 1st Class a “well-established travel business”, Andy Dodd praised the firm’s “remarkable” management team.

He continued: “We are looking forward to working with Paul and Sharon to meet their growth plans for the business.”

During the investment deal, Jonathan Robinson of law firm DWF provided legal advice, while Warrington-headquartered DSW Transaction Services offered financial due diligence. Accountancy firm RSM, meanwhile, provided PHD Equity Partners with taxation advice.

Accountants BPR Heaton, law firm Ward Hadaway and mergers and acquisitions specialist Benchmark International advised the vendors.

PHD Equity Partners’ managing partner, James Dow, said: “Our investment in 1st Class meets our aspirations to invest on a partnership basis with good management teams to scale up businesses with discrete competitive advantages.”

1st Class Holidays, which has a turnover of £16m, employs a team of 36 at its office in Trafford House, Manchester.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →