BBC Millionaires’ Holiday Club travel firm sold to private equity in £30m deal

ITC Travel, a maker of made-to-measure holidays for the rich, has been sold to private equity firm NorthEdge in a deal thought to value the luxury operator at 30m.

The Cheshire-based travel group was recently featured in the BBC documentary The Millionaires’ Discount Holidays © Holiday Club1, which gave a glimpse of its sumptuous holidays, from champagne-fuelled yacht parties in the Caribbean to haute couture dress shopping. ITC, which was set up in 1974 by the late Drew Foster and is now run by boss Jen Atkinson2, specialises in organising upmarket holidays to sunny destinations and trips to major sporting events, such as the Monaco Grand Prix. NorthEdge has bought a majority stake in the firm, which is one of Britain s oldest Discount Holidays © holiday businesses, following a management buyout backed by former Capita boss Paul Pindar in 2014.

Jen Atkinson, who took the top job in 2009, said NorthEdge’s investment would boost its presence in the mainstream end of the travel market and help upgrade its technology.

Our customers demand unique experiences in the world s most exclusive destinations, she said. We ll also be looking to broaden our product offering beyond our current luxury and tailor-made proposition. Since the buyout two years ago, ITC has been part-owned by Ms Atkinson and Mr Pindar. Last year it bought four businesses off beach travel operator Western & Oriental. ITC reported 80m sales in the year to April 2016, up from 43m in 2013, at a time when the wider travel industry has blamed falling sales on the EU referendum and fears over terrorism3.

The business, which was the first travel company to charter Concorde and employs 60 travel specialists to book its bespoke holidays, is on track to make 13,000 bookings this year. A number of privately owned Discount Holidays © holiday firms have been dressed up for sale this year including ITC Travel, Your Golf, and Cruise.co, the Telegraph understands. It comes on the back of last year’s summer of deal-making in the travel industry4.

Ray Stenton, a partner at NorthEdge, said: ITC has been selling luxury holidays for over 40 years.

The business has a clear growth strategy and has already demonstrated its ability to expand.

References

  1. ^ The Millionaires’ Discount Holidays © Holiday Club (www.discountholidays.info)
  2. ^ Jen Atkinson (www.discountholidays.info)
  3. ^ has blamed falling sales on the EU referendum and fears over terrorism (www.discountholidays.info)
  4. ^ comes on the back of last year’s summer of deal-making in the travel industry (www.discountholidays.info)

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