New investment to lead Travel Counsellors MBO

Travel Counsellors has secured a new stakeholder in Equistone Partners Europe as it prepares for a management buy out.

The travel firm confirmed the investment from the European mid-market private equity firm, which it ‘envisages that the investment…to facilitate the management buy-out of the business will provide it with a platform to build on [this] growth even further.

Founded in 1994 by David and Maureen Speakman, Travel Counsellors has seen 60% growth in five years with its global sales forecast for its recent financial year due to be at £424 million.

Mr Speakman will remain chairman with Steve Byrne as managing director.

Speakman said: “It has always been my intention to ensure the long term interests of the company and this latest move enables us to realise the next exciting phase of its growth, making Travel Counsellors even stronger for the benefit of each individual agent. We have partnered with Equistone as they buy into our proven business model globally, and our culture and ethos, first and foremost of putting the customer first and having superb, special people as Travel Counsellors and support staff who are committed to doing that.”

As part of the deal Equistone partner Steve O’Hare will join the Travel Counsellors board as non-executive director.

He said: “The additional funding will be used to develop its support to its agents and market leading software, which is crucial to ensure high levels of service to its growing customer base.”

Byrne added: “We will use the investment and partnership with Equistone to take the company to yet another level and accelerate our growth, enabling us to capitalise on the many opportunities we have to expand the business further in both leisure and corporate sectors. This expansion will further bolster our global buying power and strengthen our position as the market leading travel company for personal service, to the benefit of our agents globally.”