£130m deal closing on Riviera Travel

Riviera Travel specialises in river cruises
Riviera Travel specialises in river cruises

A potential £130 million deal for Riviera Travel is close to completion, according to weekend reports.

Phoenix Equity Partners, which backed Jimmy Choo shoes, is said to be in exclusive talks to acquire the company from founder Michael Wright and his wife, according to the Sunday Times.

Wright is expected to retain a stake in the company and will still be involved with the day-to-day running of the Staffordshire-based firm.

In 2013 Riviera Travel posted pre-tax profits of almost £10m from sales of £106m, specialising in river cruises and escorted tours.

Phoenix is thought to have seen off Bridgepoint, Equistone and LDC to buy out the company.

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