ITC LUXURY TRAVEL MANAGEMENT BUY OUT
Jennifer Atkinson, CEO of ITC Luxury Travel, the UK’s leading independent luxury tour operator, announced that she has completed a management buy-out of ITC, backed by Paul Pindar, with banking provided by Santander. Pindar, the former CEO of Capita, has been appointed Chairman of the new parent company of ITC, The Luxury Travel Group. Pindar spent 26 years at Capita, building it into a £7.5bn FTSE 100 company.
ITC Luxury Travel is one of the UK’s longest established independent, luxury tour operators with revenue of over £47m. Over the past 40 years, they have amassed a wealth of experience and knowledge and have become synonymous with providing clients with exceptional service from their first conversation with a dedicated Travel Specialist through to the Concierge team who ensure every aspect of a client’s holiday is exclusively commissioned for them. With its continued focus on people, the company made it onto the Top 100 Small Company to Work For list for the third year running in 2014.
The company remains 100% British owned with June Foster, of the original founding family, retaining a shareholding alongside other members of the ITC management team. The family style ethos of the company will be retained with its focus on values, partnership and people at the heart of what it does. The strategy moving forward will be to create organic growth through significant investment in people and systems together with the targeted acquisition of travel businesses both within the luxury sector and also in other specialist sectors.
Jennifer, who has been CEO of ITC for five years and joined the business ten years ago, said:
“We are excited about this new phase for ITC. Paul brings huge amounts of experience on company development and shares our ambitions to make ITC the leading luxury holiday provider in the country. We look forward to showcasing stylish holidays, sports tours and the very best hotels with our continued focus on excellence. We have built a brilliant team and we all look forward to leading the business to the next phase of its success.”
Commenting on his appointment and investment, Paul Pindar, said:
“I am delighted to be involved with ITC because the company has a high quality management team which is focused on providing an exceptional luxury travel experience at a competitive price. There are many opportunities to grow our offering in the luxury travel market and I look forward to working with the team to develop products for the benefit of our loyal customer base.”
Kerry Rogan and Andrew Mulliner of Santander Corporate Banking said:
“We’re delighted to be involved with Jennifer, Paul and the impressive management team at ITC, and look forward to supporting the future growth of the business.’