Holiday Extras completes MBO

Natwest funded 50% of the £30 million transaction, with the remainder covered by medium term shareholder borrowing.

The deal confirms that 12.7% of the company’s value will be ring-fenced to distribute to employees in the event of a future sale.

Acquisitions by the company in recent times include Chauntry Corporation and Purple Parking.

Matthew Pack, group chief executive of Holiday Extras, said: “Today marks an exciting milestone in Holiday Extras’ development as we set the stage for the future by strengthening the ownership and value of our business, and putting in place an exciting development plan for the next five years.

“Holiday Extras’ experienced management team and dedicated staff are crucial to our future success, and I’m delighted that there is now a robust mechanism in place to share the value of the company with them.”

Holiday Extras’ management team is led by Pack, who is supported by Simon Hagger (deputy chief executive), David Norris (chief operating officer) and Andrew Parker (chief financial officer).

Carol and Gerry Pack, the original founders of the business, said: “Holiday Extras is in good hands. The team are brilliant, lively, energetic and progressive. We love the plan and the vision.”