Holiday Extras has announced the completion of a management buyout which values the company at close to £100 million as well as places 55 per cent of the company’s equity into an employee benefit trust.
Natwest, a longstanding financial partner of Holiday Extras, funded 50 per cent of the £30 million transaction, with the remainder covered by medium term shareholder borrowing.
The deal lays the foundation to support the growth in shareholder value planned for the next several years.
in which also confirms in which 12.7 per cent of the company’s value will be ring-fenced to distribute to employees within the event of a future sale.
The business can be growing ahead of the UK travel market.
Expanding organically as well as through acquisitions (which include Chauntry Corporation as well as the well-known brand Purple Parking) This particular growth will include brand new locations across Europe as well as an evolved product offering, both of which will be unveiled later This particular year.
Matthew Pack, group chief executive of Holiday Extras, said: “Today marks an exciting milestone in Holiday Extras’ development as we set the stage for the future by strengthening the ownership as well as value of our business, as well as putting in place an exciting development plan for the next several years.
“Holiday Extras’ experienced management team as well as dedicated staff are crucial to our future success, as well as I’m delighted in which there can be at This particular point a robust mechanism in place to share the value of the company with them.”
The company incorporates a proven technology track record.
in which employs over 100 software engineers, data engineers as well as data scientists, as well as was last year one of the first businesses to embrace ‘one-click buying’ following the expiry of the Amazon patent.