Vitruvian Partners-backed Travel Counsellors announces the strategic acquisition of fast-growing and award-winning travel company Holidaysplease
The acquisition strengthens Travel Counsellors' position as the UK's largest technology platform for travel entrepreneurs, which is on track to deliver £1bn+ platform sales in FY23
MANCHESTER, England, March 13, 2023 /PRNewswire/ -- Travel Counsellors, the UK's largest and fast-growing technology platform for travel entrepreneurs, is delighted to announce the strategic acquisition of Holidaysplease Limited for an undisclosed sum.
Birmingham-based Holidaysplease is an award-winning online travel company with approximately 100 home-working travel experts, 50 franchisees, and around 50 employees. Holidaysplease generated Total Transaction Value (TTV) of more than £40m in 2022 and, like Travel Counsellors, it has consistently enjoyed a coveted 5-star 'Excellent' rating on Trustpilot.
The acquisition strengthens Travel Counsellors' position as the UK's largest technology platform for travel entrepreneurs empowering and connecting nearly 2,000 independent business owners. It also builds on the Company's exceptional growth and strategic progress over recent periods highlighted by its record financial performance in 2022 when TTV on the Travel Counsellors platform increased to more than £700m, representing growth of more than 300% against the prior year.
The deal marks Vitruvian Partners-backed Travel Counsellors' first acquisition in its near 30-year history and comes hot off the heels of the Company's record best ever month in January 2023, where it generated £114m of sales on its platform supported by strong consumer demand for top selling destinations such as the USA, Spain, Greece, UAE and the Maldives. This represented a 50% increase on the January prior to the pandemic and meant the company traded 65% up on pre-pandemic levels in Q1 of its new financial year (1st November 2022 – 31st January 2023). In addition, Travel Counsellors generated £86.3m of sales in February 2023, with a 22% increase on February 2022 marking the best February ever. Combined sales for January and February 2023 total over £200m.
The acquisition supports Travel Counsellors momentum as it accelerates towards generating £1bn+ of platform sales in FY23.
Travel Counsellors was advised on the transaction by Springboard Corporate Finance, Hazlewoods Corporate Finance, and Hill Dickinson whilst Holidaysplease was advised by Jerroms Accountants and Squire Patton Boggs.
Steve Byrne, CEO of Travel Counsellors, commented:
"We are delighted to have acquired such a highly regarded, fast-growing and profitable business with a hugely complementary strategic fit. I would like to take this opportunity to welcome the entire Holidaysplease community; we are incredibly excited at what this combination will mean for both businesses, our communities of travel experts, and our customers.
"Our strategic goal is to build a community of the very best travel entrepreneurs who are empowered by our technology to deliver exceptional customer experiences. Both businesses share incredibly similar cultures, each built on people-led values and a relentless focus on customer care. This is clearly reflected in both brands' excellent customer feedback and ratings.
"Both businesses share outstanding momentum having each delivered exceptional growth in 2022 as well as record-breaking performances in January 2023, when Travel Counsellors achieved TTV of more than £110m while Holidaysplease recorded the most successful month of trading in its 20-year history. I am confident that this combination will only serve to strengthen both business' momentum and exciting long-term prospects.
"The acquisition supports our growth strategy as we accelerate towards being a £1bn+ transaction value platform in the near future. Our proprietary technology and operating model are both highly scalable, and we look forward to the future with excitement and confidence."
Charles Duncombe, Director of Holidaysplease commented:
"We are delighted that Holidaysplease is joining the Travel Counsellors community. Travel Counsellors is a business we have long-admired for its relentless customer focus, multi-award-winning proposition, and outstanding, technology-led growth.
"The opportunity to become part of such a strong, fast-growing business with significant growth prospects was incredibly compelling. I have no doubt that our business and our teams of travel advisors and franchisees will continue to thrive and be cared for as part of Travel Counsellors. I am looking forward to working closely with Steve and the rest of the Travel Counsellors team to deliver our ambitious shared vision for the future."
Enquiries
Alex Brennan / Sue Hutchinson / Rebekah Chapman at Hudson Sandler
+44 (0) 207 796 4133
travelcounsellors@hudsonsandler.com
About Travel Counsellors
Travel Counsellors is the UK's largest and fast-growing technology platform for travel entrepreneurs that connects over 1,900 independent business owners, ultimately enabling them to deliver exceptional levels of customer service. In the year to 31 October 2022, Total Transaction Value ("TTV") on the platform was more than £700m, up more than 300% against the prior year.
Travel Counsellors operates across six countries (UK, Ireland, the Netherlands, Belgium, South Africa, and the UAE) and employs 300 people in its UK headquarters and overseas offices. The Company provides a high touch, digitally enabled platform, that enables and empowers business owners to harness innovative and constantly evolving tools and technology to build their businesses in a way that suits them, with limitless potential and scale. This is underpinned by the knowledge and power of a global community and strong people first culture.
The company operates its own ATOL supported financial trust which safeguards customers from any failure of a travel supplier involved in their booking.
Travel Counsellors is multi-award-winning and has a five star, 'Excellent' rating on Trustpilot. It was founded in 1994.
For further information about Travel Counsellors, please visit:
https://www.travelcounsellors.co.uk/our-story/
About Holidaysplease
Holidaysplease was established in 2002 as a joint venture between the owner of a high street travel agency with 20 years' experience and an internet entrepreneur. The aim was to combine the expertise and personal service of the high street with the convenience of the internet. Since that time, it has grown to around 200 staff, homeworkers and franchisees. The company is part of the Hays Travel consortium which is the largest chain of independent agents in the UK. Like all reputable holiday companies, it is ABTA registered and an agent for ATOL protected tour operators.
The business was named winner of Travel Weekly's Online Travel Agent of the Year 2022-23 and enjoys a 5-star 'Excellent' rating on Trustpilot.
For further information about Holidaysplease, please visit:
https://www.holidaysplease.co.uk/
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