Riviera is now in the hands of Silverfleet Capital, a private equity firm that has taken a majority stake in the escorted tours and cruise brand. The deal will see Riviera chief executive David Clemson remain with the company and Silverfleet fund its expansion.

A Silverfleet spokesperson would not disclose how much of Riviera it now owned but confirmed investment would be made in the digital side of the business. “The firm already has a well-established digital channel, it’s a case of improving what they have got,” he said.

Other investment will also be made into new river ships, expanding the US customer base and “using its strong brand to help develop new holidays and experiences”.

Riviera targets the over-55 market and was founded in 1984. It operates in 50 countries and carries more than 118,000 passengers a year. Former majority stakeholder Phoenix Equity Partners hired PwC to seek new partners earlier this year with expectations of attracting investment of up to £250 million.

Phoenix Equity Partners acquired its majority stake in 2014 from founder Michael Wright.

David Clemson, chief executive of Riviera Travel, said: “I am immensely proud of what we have achieved over the last few years, in particular the growth in sales via the trade and of course being named the Which? Travel Brand of the Year.

“I look forward to leading the business through its next phase of growth supported by Silverfleet Capital. We will continue to evolve our escorted tours and river cruises and build on our unique quality and value proposition, not to mention high levels of repeat business, making this a huge opportunity for our travel agent partners.”

Gareth Whiley, partner at Silverfleet Capital, added: “Riviera Travel is a high quality, well established business with a strong brand and value proposition. Silverfleet has long been attracted to the travel sector and the growing demographic that Riviera Travel serves.

“We are excited by the prospect of working closely with the highly experienced management team and using our knowledge of the sector to help Riviera Travel develop its brand and customer base.”