Private equity group NorthEdge scoops up Millionaires’ Holiday Club company ITC Luxury Travel for £30m
The luxury holiday company at the centre of the BBC documentary series The Millionaires' Holiday Club has been bought by NorthEdge capital in a deal thought to be worth around £30m.
NorthEdge has bought a majority stake in Chester-based ITC Luxury Travel Group following a management buyout by current chief executive Jen Atkinson and her senior team.
Specialising in tailor-made holidays since 1974, the company is one of the UK's largest independent tour operators and was the first to charter Concorde.
It is on track to make 13,000 bookings this year.
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The company reported boosted turnover of £80m in the year to April 2016, up from £43m in 2013, after acquiring Western and Oriental Travel in June last year.
"We’re delighted to have NorthEdge on board as a partner as we look to increase market share in the luxury travel space," Atkinson said.
"The investment from NorthEdge will allow us to invest in the training and development of our sales teams, as well as developing our IT infrastructure to ensure we can continue to deliver exceptional experiences and market leading service to our customers."
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Ray Stenton, partner at NorthEdge Capital, said: "ITC is recognised as one of the UK’s pre-eminent luxury travel brands and has been selling luxury holidays into a resilient consumer base for over 40 years.
"The business has a clear growth strategy and has already demonstrated its ability to expand both organically and through acquisition. Jen has done a superb job in doubling profitability and getting the company to where it is today."