Of all the important changes happening at Travel Counsellors in 2018 (new leaders, new countries, new tech, etc.), this one definitely tops the list.
Travel Counsellors confirmed over the weekend that it has undergone a secondary management buyout with Vitruvian Partners (a former Skyscanner, JacTravel and OAG backer) taking over from Equistone Partners Europe.
The travel group, which was founded in 1994 by travel entrepreneur David Speakman, went through its first management buy-out in October 2014 by Equistone and its Chief Executive, Steve Byrne. Since, the business has experienced rapid growth globally thanks to Equistone and its significant investment.
Now, the company says it’s entering ‘exciting times’ with Vitruvian Partners’ secondary management buy-out.
For Travel Agents within the global company this means business as usual, while on a greater scale the change will result in greater investment as well as increased focus on building upon Travel Counsellors’ success.
In other words, it’s all good news, and according to Travel Counsellors’ Chief Executive, Steve Byrne, the buy-out is a testament to the confidence in the business and it’s “long term growth prospects”.
“We have carefully chosen the right investment partner with the experience in technology particularly, who also have a deep and natural affinity to our business model and values.”
Steve Byrne, Travel Counsellors Chief Executive
“They [Vitruvian Partners] will help us realise the many opportunities we have to grow in both the leisure and corporate markets globally and provide the platform for each of our franchisees to accelerate and future proof the growth of their own businesses.”
Vitruvian Partners’ Partner, Ben Johnson, described the investment as “exciting”, mostly due to Travel Counsellors’ “unique culture and reputation and high standing in the travel industry”.
He continued, saying that Vitruvian Partners believes in the brand, its use of smarter technology and its flexible working environment.
“We only back exceptional high growth technology-enabled businesses with stable, proven leadership teams. We are proud to back the business and just want to help it grow and be even more successful.”
Ben Johnson, Vitruvian Partners Partner
Equistone Senior Partner, Steve O’Hare, added that the company is “proud” of the support it has provided the Travel Counsellors team and is looking forward to “seeing the next phase of growth”.
READ: Travel Counsellors’ 5-step plan for success
READ: 10 important changes coming to Travel Counsellors in 2018
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