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."
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