Wed, 05 Jan 2022 | BUSINESS SALE
Business travel firm Eton Travel Group has been acquired by TakeTwo Travel Solutions Chief Executive Chris Thelen (pictured above). The target company had been a strong performer in the business travel sector prior to COVID-19, with turnover of around £40 million, but was impacted significantly by the pandemic and related travel restrictions.
Before the pandemic hit, the business had around 150 clients, which ranged in terms of annual travel spend from £50,000 up to £5 million. The company mainly provided travel management solutions for SME clients in the IT, finance, manufacturing, retail, pharmaceutical, legal and consulting markets, as well as operating an MICE division and offering specialist services for VIPs and clients in the entertainment business.
However, Chris Thelen said that the business had come “under pressure” as a result of the pandemic and was “facing an uncertain future”. According to Thelen, the takeover will “save jobs and talent whilst ensuring continuity of service to its clients”, although he acknowledged the “fresh challenges” posed to the business travel industry by the Omicron variant.
Eton Travel Group is headquartered in Eton, Berkshire, with further premises in Wokingham, Berkshire and Cork, Republic of Ireland. Post-sale, the firm will continue to operate as an independent company, however, Managing Director Ken Thompson will retire, with former director Martin Boone promoted to General Manager of the group.
Other changes to the group’s senior team, which will report to Thelen, include: the promotion of director Chris Klinker to Head of Speciality Sales; previous IT and Systems Manager Kay Fleet becoming Head of Technology and Special Projects; Leisure Travel Manager Joan Budgen moving to Head of Luxury Leisure; and the appointment of former Detonate MD Alison Rodgers as Head of VIP and Entertainment.
Commenting on the deal, Chris Thelen said: “Eton is an established brand with a solid reputation; it’s a great company with exceptional staff. I’ve been impressed with the senior team and have been working with them for some time to find a way to preserve the business and save as many jobs as possible.”
“I believe Eton has a strong future and I want it to succeed and thrive again as travel continues to recover in 2022. It will be business as usual at Eton as the company continues to operate under its own brand with its own sales strategies, partners and customers.”
“However, Eton clients will benefit from a significant uplift in service as I will be investing in technology, maximising the opportunities presented by Eton’s office in Ireland and we’ll have a renewed focus on all partnerships.”
Find businesses for sale here.
If you are looking for an exit, we can help!
This listing refers to a Life Sciences recruitment business UK-wide for sale, based in southeast England.
Provides a multi-disciplined architectural and surveying service. Examples of the services offered include: architectural design, project management, construction monitoring, contract administration and building surveying.
LEASEHOLD
An opportunity has arisen to acquire a company that supplies healthcare personnel for temporary, permanent, and ad-hoc placements at NHS and private care facilities nationwide, specialising in the mental health sector.
LEASEHOLD
|
25
|
|
Jan
|
£47m-revenue contractor falls into administration | ADMINISTRATION
Manchester-based contractor Beaumont Morgan Developments has...
|
24
|
|
Jan
|
Spirax-Sarco to acquire Cotopaxi at 6x revenue | BUSINESS SALE
Thermal energy and pumping specialist Spirax-Sarco Engineeri...
|
21
|
|
Jan
|
Pensions provider Cushon more than doubles size with Creative Pension Trust takeover | BUSINESS SALE
Pensions provider Cushon has more than doubled its assets un...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources