Bidding for Audley Travel is now down to three buyers, it has emerged.
The holiday operator, which was set up by two entrepreneurs in a converted barn is up for sale for a rumoured £300 million – more than double what Equistone Partners originally invested in Audley three years ago.
Three private equity firms are thought to be interested in the company – 3i, Cinven and CCMP Capital Advisors, city sources told TTG.
Oxfordshire-based Audley Travel increased turnover by 22% to £133.6 million in 2014, compared with £109.2 million in the previous year, according to accounts filed at Companies House.
Operating profit rose by a more modest 2.5%, from £14.9m to £15.3m, over the same period.
At the time the company hailed the results as “another successful year of growth”, with the directors adding that Audley was “well-positioned to serve its customers and continue to grow” in the long-haul tailor-made sector.
“Further growth can be achieved by increasing the breadth of travel choices we offer, as well as taking market share from competitors,” said the company in its financial report.
The luxury operator has continued to expand by opening a London office in 2014 and its first US outpost in Boston.
The expansion saw the number of employees increase from 252 in 2013 to 338 last year, leading to a 34.5% increase in annual staff costs to £12.6m.
Current owner Equistone, which also purchased a majority stake in homeworking firm Travel Counsellors in October 2014, was reported to have hired investment bank Rothschild to find a new buyer for Audley.