Management buyout at holiday tour operator
Rotherham-based Leger Holidays’ commercial director Liam Race, finance director Andrew Oldfield and operations director Chris Plummer have completed a management buyout of the business with NatWest support.
They have acquired 30% of escorted tour operator Leger Holidays from Ian and Kathleen Henry in a deal which values the business at more than £30m. The Henry’s continue to hold a 70% shareholding and Ian Henry will continue as CEO of the business.
The transaction was funded and supported by NatWest in Leeds, led by Andy Croasdell, relationship director.
Leger Holidays features over 180 tours across Europe, using luxury coaches. In addition, it is the market leader in Battlefield tours, taking visitors to the battlefields of Europe and beyond led by specialist guides. Turnover in 2019 was £34.9m with EBITDA of £3.5m.
Ian Henry said: “This transaction ensures the business has the continued ownership of the Henry family but also brings on board the next generation of managers and owners meaning we can continue together to strengthen and grow the business over the coming years.
“I will remain active in the business, but as has been happening over the last 12 months, Liam, Chris and Andy will be leading us on a day-to-day basis.”
Race said: “This is an exciting time for the business. We’ve seen a solid start to January with bookings for 2020 up 17%.
“As well as focusing on continual improvement to our customers’ holiday experiences we will be looking to grow sales through travel agents with additional presence in our on-the-road sales team to support Ashley Dellow.”
Croasdell said: “It’s an exciting time for Leger Holidays as the business embarks on this new era of its development.
“The management team led by Liam, Andy and Chris is in a strong position to continue delivering on their commitment to provide first-class holidays to customers, and we wish all involved every success for the future.”
