A director has completed the Management Buy-Out (MBO) of leading travel brand Caribtours, it has been announced.
Managing director and shareholder Paul Cleary now owns 100 per cent of the brand after purchasing the luxury tour operator from husband and wife founders Norman and Valerie Brunskill.
Joining Caribtours in 1999, Mr Cleary said an MBO has “long been the intention” with takeover talks starting more than 18 months ago.
While the value of the MBO has not been disclosed, recent trading updates show that the firm turned over £17.5 million in 2018/19 and now employs more than 40 people.
The tour operator has experienced rapid growth in recent years, doubling the value of its European portfolio, opening a new Dublin office in May 2018 and adding new destinations including India and Arabia.
Operating from headquarters in Fulham, south London, the tour operator has also announced the upcoming launch of a new bookable website for travel agents.
Commenting on the takeover, Mr Cleary said Caribtours has ambitious growth plans that will be shared in February and March.
“It has long been the plan for me to do this and I want to thank the Brunskill family for their support. I am immensely proud of what we have achieved on our journey so far and excited too about our plans for the year ahead,” he said.
“This is a very exciting time to be in luxury travel and, with so much consolidation happening in the sector – there is a huge opportunity for us to successfully continue our growth strategy with our loyal independent agents at the heart of everything we do.”
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