Luxury tour operator ITC Travel sold
Luxury operator ITC Travel has been sold to private equity firm NorthEdge in a deal believed to value the company at £30 million.
NorthEdge has bought a majority stake in the firm following a management buyout backed by former Capita boss Paul Pindar in 2014.
ITC was set up in 1974 by the late Drew Foster and is now run by?chief executive?Jennifer Atkinson.
The Chester-based travel group was recently featured in the BBC documentary The Millionaires' Holiday Club.
Atkinson told the Daily Telegraph that NorthEdge's investment would boost its presence in the mainstream end of the travel market and help upgrade its technology.
“Our customers demand unique experiences in the world’s most exclusive destinations,” she said. “We’ll also be looking to broaden our product offering beyond our current luxury and tailor-made proposition.”
ITC has been part-owned by Atkinson and Pindar sine the buyout tow years ago. Last year it bought Western & Oriental, Rainbow Tours, Villa Select and Regent Holidays.
ITC reported £80 million sales in the year to April 2016, up from £43 million in 2013.
Ray Stenton, a partner at NorthEdge, said: “ITC has been selling luxury holidays for over 40 years. The business has a clear growth strategy and has already demonstrated its ability to expand.”
The business employs 60 travel specialists to book its bespoke holidays and is on course to make 13,000 bookings this year.
Atkinson added: “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