20th July 2010
About Cruise118…
Cruise118 was founded 2 years ago by ex-MyTravel directors, James Cole and Mal Barritt and employs over 45 staff with posted revenues of £17m for 2009. Within their first year of trading the business had won an eight figure deal to provide cruise holidays for travelsupermarket.com. They have since gone on to win the prestigious New Voice Media award for Innovation & Customer Service in 2009 and more recently have been voted Online Agent of the Year at The National Awards for Travel Distribution.
About The Deal…
The specialist travel agent has attracted over £1m of investment to help fund its growth ambitions. Founders Mal Barritt and James Cole have signed a deal with American holiday group World Travel Holdings, which have agreed to pay a seven figure sum for a significant minority stake. The sale of a minority stake will allow the business to grow the business steadily and the company intends to launch a recruitment drive as a result of the deal.
Our Role In The Deal…
Cowgill Holloway corporate finance partner, Paul Stringer, led the deal advising the founders on the sale of the minority stake. Cowgill Holloway have an excellent working relationship with Cruise118 which led to an approach for support in the sale of the minority stake. Cowgill Holloway provided:
- Advice on the terms of the offer;
- Attendance and support at all meetings;
- Financial/commercial review of the share purchase agreement;
- Liaison with all legal advisers and acquirer’s advisers;
- Management of the due diligence process and
- Project management of the transaction through to completion.
About Cowgill Holloway Corporate Finance…
Cowgill Holloway corporate finance is an integral part of Cowgill Holloway LLP, a leading north west independent firm of accountants and business advisors. We offer innovative corporate finance solutions to our clients. Our dedicated corporate finance team draws on extensive and broad-ranging experience in advising entrepreneurs, business owners and corporate clients. We provide a service that is closely tailored to each client’s specific needs and circumstances and characterised by a high level of partner involvement.