Travel company touted for £250m sale
Burton-based river cruise and escorted tours operator Riviera Travel could be sold in a £250m deal, according to reports.
Rivieria’s majority owner, Phoenix Equity Partners, has hired PwC to find new investors, according to The Sunday Times.
The move comes less than three years after founder Michael Wright sold his majority stake to Phoenix, valuing the firm at £120m. Wright remains a non-executive director and holds a “significant minority” share of the firm.
The Sunday Times says that any deal would value Riviera at about £250m and would increase Wright’s wealth considerably.
The Staffordshire-based entrepreneur is already worth £135m according to this year’s Sunday Times Rich List, which ranks him as 820th in the country for individual wealth.
Riviera made a £9.2m profit in 2015 on turnover of £126m, according to its most recent set of available accounts.
Sale talks are said to be at an early stage, although Riviera has been in contact with City bankers and advisers for several months, according to the report.
Investment heavyweights such as Bridgepoint and Equistone, the former buyout arm of Barclays, have registered an interest in purchasing the company in the past.
Phoenix is perhaps best known for owning the fashion brand LK Bennett and restaurant chain Busaba Eathai.
