EY advises NorthEdge on buyout of luxury travel operator
1 September 2016
EY’s corporate finance team has advised NorthEdge Capital on the management buyout of ITC Luxury Travel.
Specialising in luxury tailor made holidays worldwide since 1974, Chester based ITC Luxury Travel is one of the UK’s largest independent luxury tour operators.. ITC was the first travel company to charter Concorde and employs over 200 staff. The business is on track to make 13,000 bookings this year and is expected to carry 32,000 passengers to 106 countries across the globe.
ITC is led by Jen Atkinson, who became CEO in 2009. The company reported turnover of £80m in the year to April 2016 – up from £43m in 2013. This was aided by the acquisition of Western & Oriental in June 2015, which expanded the core luxury beach offering and developed Group-wide expertise in experiential holidays.
Emma Pickering, EY Director, Corporate Finance in Manchester says: “ITC has a clear business strategy that focuses on providing exceptional client service in the luxury travel market. This investment from NorthEdge will help to grow and develop ITC’s service offering to customers and we look forward to seeing how the business develops in the future.”
Ray Stenton, NorthEdge Partner, said: “The EY team has supported us throughout the investment process. Their advice and transaction insights have made a significant difference and we look forward to continuing to work closely with them.”
The following advisers supported the investment:
- EY buyside corporate finance (Emma Pickering, Mark Clephan, Mitchell Cox and Lauren Spours)
- EY debt advisory (Christopher Lowe, Rob Jones and David Cheshire)
- EY commercial due diligence (David Larsson and Kanishka de Livera)
- EY financial due diligence (Mark Hemming, John Price and Tom Dawson)
- Pinsent Masons buyside legals (Andy Phillips, Tim Fearn, Amie Norris and Anna Mee)