An increased majority of shares in Holiday Extras are now being held in an employee benefit trust established by its founders.
The travel add-ons specialist has bought back the shareholding of its founders, Gerry and Carol Pack, who established Holiday Extras 42 years ago. They have decided to pass the business on to the next generation.
Holiday Extras has bought back, and then immediately cancelled, the founders’ holding, or 12% of the six million shares in the business.
Control of the company will continue to rest with its management team led by group chief executive Matthew Pack, son of the founding couple.
However, employees’ now have an increased stake in the future of the business via the trust.
At the same time, Holiday Extras agreed an extension of its borrowing facility with long-term banking partner NatWest by £10 million to £30 million to support further European expansion and investment in Artificial Intelligence.
European airport parking business Quick Parking was acquired earlier in the year together with a new multi-storey airport car park under its Airparks brand in Munich and the acquisition of Future Generation Services.
More acquisitions are expected to follow, the company flagged.
Matthew Pack said: “All of this is possible because our customers and partners continue to choose Holiday Extras for its great service and our promise of ‘less hassle, more holiday.’
“Thanks to their trust and loyalty, we’ve been able to achieve outstanding performance over the last three years, generating the resources to fund this buyback. We’re going all in on AI and have exciting plans for European expansion.
“I am grateful to our banking partners at NatWest for their continued support; to the incredible team at Holiday Extras for making this possible; and of course to my parents Gerry and Carol who set up this business in 1983 and are exiting after 42 years.
“I am proud to say that the business they started is now in better shape than ever to take advantage of a very exciting future.”
Dave Harris, from NatWest commercial mid-market team, added: “We have worked with Holiday Extras for many years and we are delighted to continue to support the growth ambitions of Matthew and his team and play a small part here in the share transaction.
“Holiday Extras enjoys a strong position in the holiday market and we look forward to supporting them in further development.”
