Nathan Bullas, chief operating officer of GC Partners, which specialises in foreign exchange and international payments provision, made the purchase for an undisclosed sum from his own funds.
Bullas told TTG: “Broadway Travel is a client of GC Partners, but this is my personal investment from family trust money and my personal funds.”
He said he would not be involved in the day-to-day running of Broadway but would appoint a non-executive member on the board. He added: “There will be ad-hoc involvement from myself to give experience and knowledge.”
Bullas’s investment comes after a difficult period for Broadway, which lost £2.9 million before tax in the 18 months to 31 March 2021. In the 12 months to 30 September 2019, it lost £1.04 million. Turnover fell from £89.6 million in 2019 to £28.7 million last year.
However, Bullas said: “I’m confident we have turned a corner from a travel perspective and we will learn to live with Covid and travel will start to see growth again.” The investment is Bullas’s first in the travel sector, with others being in a champagne brand and “sports and leisure”.
He added: “I certainly see travel as an industry that has survived. You’re not going to get a bigger stress test than we have had.”
Tech overhaul
He said Broadway had already cut costs and made efficiencies. “A lot of that work was done before I signed on the dotted line.” His investment marked the next stage of Broadway’s recovery, he said.
“Bringing new tech in is one area we excel in. There will be future investment to enable even more competitive pricing and low deposits and using synergies to reduce costs.
“My involvement with the foreign exchange sector means we can improve the tech stack to make it easier for the consumer and more attractive, not just from the price point, but right the way through to getting on the plane and enjoying the holiday.”
Broadway chief executive Adam Pardini added: "This investment from Nathan enables the business to forge ahead with our existing plans and fuel the anticipated growth and demand in the coming months.
"It is a strong testament to the management team that Nathan shares the belief and vision for the businesses in this uncertain period, we welcome his entrepreneurial style and look forward to the future with Nathan’s backing."
