Bosses at Stewart Travel have completed a management buyout of the Scottish agency and acquired Lapland specialist operator Canterbury Travel.
The deals are the first stage of a “buy and build” strategy for Glasgow-based Stewart Travel which has 13 high street stores.
Minoan Group announced in September it had entered into a conditional sale and purchase agreement for Stewart Travel with Zachary Asset Holdings Limited (ZAH).
ZAH will lend Stewart, via loans to Brooklyn Travel Holdings and Brooklyn Travel, cash to repay Minoan inter-company debts.
Senior leaders at Stewart Travel led by managing director Duncan Wilson, alongside Rick Green and Brian Cassidy completed the MBO with backing from ZAH.
In a separate transaction, Middlesex-based Canterbury Travel was also acquired and will be integrated into the Brooklyn Travel Holdings portfolio.
The transactions have a combined value of £23 million with HSBC providing £12.75 million of finance and working capital facilities to sit alongside the equity investment made by ZAH and the Stewart management team.
In a statement Wilson said: “We warmly welcome everyone connected to Canterbury Travel’s business to the Brooklyn Travel family of companies.”
Canterbury Travel was established in 1970 and founder Dolores Collins will remain involved in the business as a consultant, with existing managers Tara Collins and Jacqui Banham continuing lead the business.
Rick Haller of ZAH, said: “We’ve known Duncan and his team for the past four years and have been very impressed with the results they’ve achieved. We are delighted to back them and their growth strategy going forward.”