Travel firm going places after sale to larger rival
A £38m-turnover travel company in Warwickshire has been acquired by a rival in a major deal.
Gray Dawes Travel, based in Essex, has taken over Leamington Spa-based Travel Management Group in a move which offers growth for both businesses. The value of the deal has not been disclosed.
Ian Dunwoody, chairman of TMG, said: “Gray Dawes acquisition of TMG provides a major growth opportunity for both our business and extended services for our clients. With the stability and backing of one of the longest established TMCs in the country, TMG customers will benefit from even wider products, services and innovation.”
Gray Dawes has also acquired Cambridge Business Travel in a simultaneous deal.
Gray Dawes is listed as 29th largest travel company in the UK (according to Buying Business Travel Magazine, May/June 2016) with annual sales of £46m.
Suzanne Horner, CEO of Gray Dawes said: “Having Travel Management Group and Cambridge Business Travel join Gray Dawes brings 2016 to an exciting and satisfying close.
“The goal has been to propel our business into one of the 20 largest TMCs in the UK trading in excess of £100m per year. These acquisitions enable us to achieve this strategic position in 2017. The staff and customers of both companies are an excellent fit for Gray Dawes and their locations of Leamington Spa and Cambridge provide us with new geographic opportunity.”
