Statesman acquires Commodore International TravelOctober 2011 | Portfolio News
Statesman Travel Group have announced that it has acquired Commodore International Travel.
The combined entity will trade as Statesman Travel, with Commodore’s Masterfare remaining a distinct and separate brand. London remains the major centre for the business supported by its regional office in Manchester. The enlarged group will become a ‘top 10’ UK travel management company in terms of transactional volume, with revenues of circa £100 million and a staff of 150 people.
The Business Growth Fund (BGF), which has been established to invest in Britain's fast growing smaller and medium sized businesses, has supported this acquisition. It will take a minority stake in Statesman and will sit on the board alongside the current management team, led by Mervyn Williamson and Jon Langley.
Statesman is known for its high levels of service and for seeking out and applying innovative solutions to set the industry standard in delivery. In tough market conditions, Statesman has increased sales by well over 50% since its acquisition in July 2007. This has been achieved through working in close partnership with its blue chip customer base, which includes strong representation from the financial services, professional services, property and media sectors.
Jon Langley, Joint Managing Director of Statesman Travel, commented:
“This investment and acquisition is fantastic news for both businesses, as well as our clients and staff. Commodore Travel is a well-established business with whom Statesman has much in common. We believe that there is a strong rationale for combining our strengths, both optimising the service that we offer our existing clients and expanding our capabilities to meet the needs of multi-national companies in the future. Together we can be a potent force in the travel management sector.”
Mervyn Williamson, Joint Managing Director of Statesman Travel, commented:
“We are committed to ensuring continuity and will be harnessing the benefits of the enlarged group for our clients. Customer service remains absolutely key to what we do.
This is a critical next step in Statesman’s ongoing growth and in the BGF we have a partner investor who will actively support this. In addition to funding, they provide expertise and high level contacts; they will sit on our board and will bring an edge to the business - all of which will be of great benefit to Statesman and our clients.”