Holiday Extras 2005 - MBO
It's been an amazing year for Holiday Extras, with the completion of an MBO by the existing management team, backed by Clydesdale Bank (“Clydesdale”) at the end of February 2005. The value of the business at the time of the deal was a whopping £43 million.
The Holiday Extras management team, led by Steve Lawrence (CEO) and Elisabeth Hirlemann (COO), now holds 37%; an employee benefit trust holds 16% for the benefit of staff, and the remainder is held by the Company's original founders, the Pack family.
Gerry Pack remains as non-executive chairman of the company. He said that the MBO should allow the company to fulfil its aim of doubling in size over the next five years. "We are currently playing in division two, and we want to get up into first division".
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