NorthEdge Capital has taken a majority stake in the business, with the “significant” remainder owned by chief executive Jennifer Atkinson.
Atkinson bought Chester-based ITC Luxury Travel Group in 2014 with Paul Pindar, who has sold his stake but will retain some shares.
The group comprises tour operator ITC Luxury Travel, Western & Oriental, ITC Sports Travel, Deva Travel, Regent Holidays, Villa Select, Rainbow Tours and Horse Racing Abroad.
Atkinson told TTG that the business’s 200 staff members have received a second bonus as a result of the deal and that the group plans to make “one or two” strategic acquisitions in the next two years.
She said the business wants to “increase market share in the luxury travel space” and broaden its product offering, but also focus on the core business.
The company, which is on track to carry 32,000 passengers this year, reported turnover of £80 million in the year to April 2016 – up from £43m in 2013. This was aided by the acquisition of Western & Oriental in June 2015.
Andrew Higginson, formerly of Tesco and current chairman at WM Morrison, has been appointed chairman.
NorthEdge partner Ray Stenton, who led the deal, will join the ITC board as a non-executive director.
Atkinson told TTG: “The growth of the business has been phenomenal – when I started 11 years ago we were worth nothing.
“Acquiring Western & Oriental was hugely successful and we realised if we wanted to do similar things again we would have to raise additional capital.
“We are looking to develop our sports programme and invest in the training and development of our sales teams and our IT.”
Stenton added: “ITC has a clear growth strategy and has already demonstrated its ability to expand both organically and through acquisition.”
