Speakman on Friday (June 1) confirmed a deal had been completed on Thursday evening (May 31).

The agency has long been a target for private equity firm Vitruvian Partners, who TTG understand to be preparing to announce a full buyout, potentially worth around £250m.

UPDATE: Travel Counsellors confirms secondary management buyout by Vitruvian Partners

“Last night, a deal was completed in which we sold our remaining interest in Travel Counsellors,” said Speakman in an email, co-signed by his wife Maureen.

“We were willing to remain as shareholders but we were never offered the option to stay invested.

“We wish Kirsten Hughes, Karen Morris and their staff, both in the UK and overseas, all the very best for the future.

“We thank all our Travel Counsellors past and present who have been on such a great journey with us. We hope that that journey for all existing Travel Counsellors has only just started.

“The sale ends our formal relationship with the company but we will always remain emotionally attached to all those who trusted in us and backed themselves.”

Speakman founded Travel Counsellors in 1994 in Bolton, which has since become one of the largest independent travel agencies in the country and expanded to a further six countries.

He stepped down from his role as chairman of Travel Counsellors in 2015 after private equity firm Equistone took a majority stake in the business.

TTG has contacted Travel Counsellors and Vitruvian for further comment.