Barrhead Travel is to be acquired by US travel giant Travel Leaders Group for an undisclosed sum, according to the following report by travelweekly.co.uk:
Chairman Bill Munro and chief executive Sharon Munro shall remain in their roles in the company while no major changes in operations are anticipated, Barrhead said.
The exact terms of the agreement have not been announced but the takeover will be completed by March this year.
Travel Leaders is the biggest travel agency business in the US with more than 7,000 owned, franchised or affiliated travel agencies.
The business revealed last year it was on the acquisition trail in the UK, and bought Colletts Travel – a luxury agency in Hendon, north London, at the beginning of 2017.
It also runs corporate travel agency Tzell UK, which operates from central London headquarters.
In 2016, Barrhead Travel appointed accountancy firm BDO to assist it seek new investment for future growth after Travel Weekly revealed it was looking for outside investment.
At the time, it had said the company was not for sale but was searching for financial backing to expand in England and globally.
In 2016 Barrhead reported a turnover of £279 million along with an operating profit of £2.9 million.
The agency started in Scotland in 1975 by chairman Bill Munro and now has a network of more than 70 travel agencies employing 900 staff.
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Source: travelweekly.co.uk
