Yorkshire dealmakers involved in travel company acquisition
A HOST of Yorkshire dealmakers have helped corporate travel company TD Travel become a £100m turnover business after helping it acquire a Bristol hotel booking agency Hotelscene.
The Cheshire company, which is backed by private equity firm LDC, will be renamed as Corporate Travel International.
It will have more than 150 staff in Leeds, Hull, Wilmslow, Liverpool, London and Bristol. It has also recently launched a Marine Travel division based in Bolton.
CTI, which completes over 450,000 transactions a year, is led by TD Travel founder and chief executive Ian White. Chris Needham previously chief executive of Hotelscene will become CTI’s chief information officer.
The senior team also comprises commercial director Tony Norwood, who led LDC’s initial investment in TD Travel in March 2012 and finance director Andy Haslam.
White said: “As a single entity, CTI can provide an integrated travel management service that brings together our heritage of market-leading travel and hotel booking expertise that delivers real savings to businesses operating in the UK and global markets.
“Following the acquisition, we now have an exceptionally strong and differentiated proposition for the business travel market and plan to build on this further with the launch of a unique online booking platform this autumn.”
Steve Harrison, director at LDC in Yorkshire, said: “CTI now has the breadth of services and geographic spread to fully capitalise on the growing demand for cost saving and consultant-led corporate travel services.”
A package of senior debt and working capital facilities has been provided by Lloyds Bank Commercial Banking’s acquisition finance team.
Accountancy and business advisory firm BDO were lead advisers to TD Travel, led by M&A partner Tim Clarke and assistant director James Croxen. BDO partner Matt Copley also provided due diligence to TD Travel and LDC.
A multi-practice team from Squire Sanders’ Leeds office, led by corporate partner Richard Hunt, advised TD Travel.
Hunt said: “We’re very pleased to support Ian and his team on this important strategic move. TD Travel’s investment in both technology and expertise to develop CTI has created one of the most dynamic providers of business travel services in the UK.”
