Yorkshire team steer through travel deal
A TEAM from Yorkshire has successfully completed a international travel group buyout.
Dealmakers from Strategic Corporate Finance (SCF) and corporate lawyers from the Sheffield office of DLA Piper advised the buyout team of Sean Taggart and Steve Hornby who have purchased the Albatross Travel Group for an undisclosed sum.
The Albatross Travel Group, baed in Kent, was established in the UK in 1985 and currently handles the travel arrangements for more than 3,000 leisure groups every year.
The company sells wholesale group travel arrangements to coach tour operators and tour operators based in the UK, whilst handling the inbound group travel requirements to Europe for a range of non-UK based clients.
Over the last five years, Albatross has established subsidiary companies both in the UK and overseas as the company has continued to grow.
Since its foundation, Albatross has won a number of industry awards, including Small Business of The Year (Mid-Kent region), Wholesaler of The Year (UK Coach Industry Awards) and Wholesaler of The Year for Eurotunnel.
The deal was financed and supported by Yorkshire funders The Co-operative Bank along with an equity investment from founding shareholders, Sally and Manfred Thelen, through their investment vehicle the Cornell Group.
Richard May, corporate partner in the Sheffield office of DLA Piper said: “It has been a real pleasure to assist Sean and Steve in moving onto the next stage in the development of what is already a superb business. It reinforces the strength and depth of the Yorkshire professional sector in that we were able to steer through the buyout of this Kent-based, but international group which required the involvement of my DLA Piper colleagues in Australia.”
Sean Taggart has been with the group since 1995 and has served as group managing director for 11 years.
Steve Hornby – managing director of Albatross subsidiary Success Tours – has been with the group since 1998.
They set up a new company – Inspired Travel Group – to complete the buyout.
Mr Taggart said: “We are thrilled to have completed the buyout of The Albatross Group whilst also retaining Sally and Manfred’s involvement in the business and look forward to the future with real confidence and optimism. This is a massive vote of confidence in both the business and the coah and group travel industry sectors we operate in. This buyout will allow us to fulfil our longer term ambitions for the business in partnership with like-minded backers, whilst creating even more opportunity for growth.”
