Travel Counsellors: Private equity firm Vitruvian confirms takeover

The homeworking agency said on Friday (June 1) Vitruvian had backed the company in a “secondary management buyout” from Equistone Partners Europe.

Equistone injected around £100 million into the business in October 2014 in a move led by chief executive Steve Byrne.

Travel Counsellors founder David Speakman separately announced on Friday he had sold his remaining interest in the business he founded in Bolton in 1994.

UPDATE: Travel Counsellors founder David Speakman tells TTG ’trust and integrity’ vital to success

Vitruvian has pedigree in travel having previously invested in Skyskanner, OAG and JacTravel.

It has pledged to continue to invest in Travel Counsellors and build on its success by bringing its “sector and technology experience”.

Byrne, now Travel Counsellors chief executive, said: “Equistone have been integral to our recent success, helping us to scale the business, strengthen the leadership team and invest in the technology and support we provide to our franchisees and colleagues.

“We will always be grateful to them for the support and care they have shown the business, the people in it and the investments they have made in us.”

“The fact we have secured a secondary buyout is testimony to the confidence in the long-term growth prospects and plans for the company.

“We have carefully chosen the right investment partner with the experience in technology particularly, who also have a deep and natural affinity to our business model and values.

“They will help us realise the many opportunities we have to grow in both the leisure and corporate markets globally and provide the platform for each of our franchisees to accelerate and future proof the growth of their own businesses.”