Tim Best acquired by Original Travel
Luxury operator Original Travel has purchase long-haul tour operator Tim Best Travel for an undisclosed amount.
Travel Insurance News - 09/02/2009
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Both companies have reported steady growth since their inception, which in the case of Tim Best Travel was in 1994, and for Original Travel was 2003.
Original Travel’s revenue has grown at a compound annual rate of 75 per cent since it was launched, and Tim Best Travel has seen a 15-20 per cent growth in revenue in the past few years.
In 2007, Original Travel, which offers tours to 84 countries, raised equity capital from private sources.
Nick Newbury, a co-founder of Original Travel, worked in corporate finance before starting the travel company. His partner, Alastair Poulain, was a venture capitalist, and the other co-founder, Tom Barber, worked as a journalist.
The non-executive team includes explorer Bear Grylls, Iceni Capital’s Julian Hanson-Smith and Martin Leppard, who is the former managing director of Cendant Group’s UK travel arm.
Newbury commented: “The equity capital raised in June 2007 has allowed us to assemble one of the best teams in the business, increase our client base, market-share and product offering both organically and acquisitively, and for the benefit of all our customers.”
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