It comes after TTG revealed this week that the senior team of the UK’s largest travel consortium had acquired a majority stake in the business from venture capitalists Alcuin.
As part of the deal, five members of TTNG’s senior team now own 85% of the consortium, including all membership brands underneath the TNG, specifically Travel Trust Association (TTA), Worldchoice, Independent Travel Experts, Worldchoice Ireland and TTA Trustees
This group includes former managing director Gary Lewis; group marketing director Si Prentice; group membership services director Lisa Henning; group operations and risk director Avril Hurd and group commercial and finance director Vim Vithaldas. Fifteen percent is owned by private equity, with an option for managers to buy the remaining stake in five years time.
Helder Lemos, managing partner of Essex-based Gallivant Travel Agency said: “It was music to my ears to hear that Gary Lewis is continuing. He has done very well… We now know who is taking the decisions. With venture capital or private equity, it can sometimes be a bit anonymous.”
Nick Lee, owner of Broadland Travel Worldchoice in Norfolk, agreed: “It’s very positive and I’m very supportive of it. The management team has had ideas in the past that they have not been able to drive forward due to financial constraints from above. Now they have control of the company they will be able to follow their ideas as they wish. It will give them a lot more freedom.”
Jill Waite, owner of Worldchoice member Pole Travel in Manchester, said: “Hopefully it is good news as the management team now understands us and what we want. They have been supporting us really well with display material, although I think they need to stand up to tour operators for us a bit more,” she added.
Premier Travel Group managing director Susan Papworth said: “This is fantastic news for TTNG with whom we work with very closely…we have seen the business grow from strength to strength.”
As part of the new ownership structure, Simon Hargreaves has stepped down as the group’s chairman.
TTG was flooded with comments of congratulations for The Travel Network Group, this week following news of the MBO. The next step now will be to see what this new "freedom" means for the group, and how other travel consortia react to ensure they still have an attractive offering for their own members.
