All Leisure acquires Page & Moy Travel Group
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
All Leisure Group has acquired escorted touring company Page & Moy Travel Group for £4.2 million.
The acquisition will see the Travelsphere, Page & Moy and Just You brands integrate into All Leisure’s portfolio, which already includes Discover Egypt and three cruise lines Voyages of Discovery, Swan Hellenic and Hebridean Island Cruises.
A statement on All Leisure’s website said the acquisition matched its strategy to provide niche holidays to the over-55s market which included a reduction on cruise dependency and to add new destinations such as China and North America, as well as expose the company to new markets. Its database is set to reach up to four million households. All Leisure will also use Page & Moy’s flight schedules to reduce costs for its fly/cruises.
“This acquisition is an excellent fit and will ensure that the enlarged All Leisure group is better placed to meet the on-going challenges facing the travel industry which are the toughest ever seen,” said Roger Allard, chairman of All Leisure. “There will be some brand and overhead rationalisation required to deliver the necessary synergies over the next few years”.
Page & Moy Travel Group posted losses before tax of £45.1 million last year and restructured its management last year in an attempt to cut costs. Allard has put forward a £4.4m loan for the takeover, while investors Nigel Jenkins and David Wiles have contributed £250,000 and £400,000 respectively. The loan is expected to be paid back across five years.