Luxury travel group undergoes MBO

Luxury travel group undergoes MBO

Chester-based ITC Luxury Travel Group has undergone a management buy-out (MBO) after receiving funding from NorthEdge Capital.

The firm has invested for a majority stake to support CEO Jen Atkinson and her senior team to deliver on planned investment in IT, management, staff, product and customer service.

Specialising in luxury tailor made holidays worldwide since 1974, ITC Luxury Travel is one of the UK’s largest independent luxury tour operators and recently featured in BBC documentary, “The Millionaires Holiday Club”, covering luxury holidays to Barbados, Jamaica and India.

The firm employs 200 staff and is led by Jen Atkinson, who became CEO in 2009. The company reported turnover of £80m in the year to April 2016 – up from £43m in 2013.

This was aided by the acquisition of Western and Oriental Travel Ltd in June 2015, which expanded the core luxury beach offering and developed Group-wide expertise in experiential holidays. 

Jen Atkinson, CEO at ITC, said: “We’re delighted to have NorthEdge on board as a partner as we look to increase market share in the luxury travel space.

“The investment from NorthEdge will allow us to invest in the training and development of our sales teams, as well as developing our IT infrastructure to ensure we can continue to deliver exceptional experiences and market leading service to our customers.

“We will also be looking to broaden our product offering beyond our current luxury and tailor made proposition. Our customers demand unique experiences in the world’s most exclusive destinations with a first class service.”

The deal was led by NorthEdge partner Ray Stenton with support from investment director Phil Frame and investment manager George Potts. 

 

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