Management buyout of Rotherham escorted tour operator completes
A holiday operator’s senior team have completed a management buyout of the company after it was valued at over £30m.
Leger Holidays’ commercial director Liam Race, finance director Andrew Oldfield and operations director Chris Plummer have acquired 30 per cent of the company from owners Ian and Kathleen Henry.
The Henrys have retained a 70 per cent share of the company, with Ian continuing as CEO. The transaction was funded and supported by NatWest in Leeds.
Leger Holidays, based in Rotherham, offers 180 escorted coach tours across Europe and is the market leader in ‘Battlefield tours’, taking visitors to the battlefields of Europe and beyond led by specialist guides. Turnover in 2019 was £34.9m with EBITDA of £3.5m.
Ian Henry said: “This transaction ensures that the business has the continued ownership of the Henry family but also brings on board the next generation of managers and owners meaning we can continue together to strengthen and grow the business over the coming years.
“I will remain active in the business, but as has been happening over the last 12 months, Liam, Chris and Andy will be leading us on a day to day basis.”
Liam Race, commercial director, said: “This is an exciting time for the business. We’ve seen a solid start to January with bookings for 2020 up 17 per cent.
“As well as focussing on continual improvement to our customers’ holiday experiences we will be looking to grow sales through travel agents with additional presence in our on-the-road sales team.”
Andy Croasdell, relationship director at NatWest who led on the transaction, said: “The management team led by Liam, Andy and Chris is in a strong position to continue delivering on their commitment to provide first-class holidays to customers, and we wish all involved every success for the future.”
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