Wed, 18 Nov 2015 | MBO/MBI
A cruise company based in the Salford Quays has announced the completion a management buyout.
Cruise1st said that the MBO will enable the firm to experience "significant" growth as it looks to broaden its product range and increase market share. The management team added that the company would now be able to grow "independently", with a major focus remaining on lowering prices for customers through efficiency gains and embracing new technologies.
Cruise1st is a digital media company and an internet and teletext trading division of Sunshine Cruise Holidays and wholly owned by Royal Caribbean Cruises. The firm has grown by more than 60 per cent this year and relies heavily on repeat business, which accounts for 40 per cent of its customer base.
By the end of next year the company is expecting to gain an even stronger foothold in the cruise holiday market. The MBO, which international law firm Hill Dickinson advised on, reportedly had 100 per cent backing from the existing staff.
Dan Townsley, Cruise1st chief executive, said: "Working with Royal Caribbean over the past seven years has been fantastic and its support has been crucial in the growth of our company.
"We are confident that the management will allow the business to grow and succeed, supported by our ability to be nimble and expand into new product ranges with more cruise lines. With independence, our focus will remain on expanding our product base with the aim of including a world-wide tour operator, more cruises with inclusive tours and a selection of river cruises."
Find a business for sale
This well-established business in Suffolk is renowned for providing bespoke hydraulic, electric, and mechanical systems across various industries, with end-to-end solutions and a strong reputation for quality and reliability.
This well-established Buckinghamshire-based wholesale catering supplier offers a diverse range of fresh produce, dairy, and catering essentials to sectors such as hospitality and healthcare.
This well-established Essex-based business offers a comprehensive suite of bespoke luxury furniture services, from design to installation, catering primarily to private clients and developers.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.