Gray Dawes Travel has announced the acquisition of Travel Management Group Plc (TMG) and Cambridge Business Travel (CBT) in simultaneous completions. The price of the acquisitions has not been disclosed.
These latest deals follow on from Gray Dawes acquisition of Business Travel Partnership and Travel Focus in 2015.
Gray Dawes, listed as 29th largest TMC in the UK (according to Buying Business Travel Magazine, May/June 2016) with annual sales of £46m has acquired TMG, listed as the 36th largest TMC with sales of £38m. The annual sales of CBT have not been disclosed.
Commenting on the latest acquisitions, Suzanne Horner, CEO of Gray Dawes said ‘having Travel Management Group and Cambridge Business Travel join Gray Dawes brings 2016 to an exciting and satisfying close. The goal has been to propel our business into one of the 20 largest TMCs in the UK trading in excess of £100m per year. These acquisitions enable us to achieve this strategic position in 2017. The staff and customers of both companies are an excellent fit for Gray Dawes and their locations of Leamington Spa and Cambridge provide us with new geographic opportunity. Together with our recent appointment as member of Radius Travel, Gray Dawes now brings the benefits of scale and global reach to our ever-growing customer base.
Ian Dunwoody, Chairman of TMG also commented, ‘Gray Dawes acquisition of TMG provides a major growth opportunity for both our business and extended services for our clients. With the stability and backing of one of the longest established TMCs in the country, TMG customers will benefit from even wider products, services and innovation.‘
Stuart Scott, joint Managing Partner at Cambridge Business Travel commented ‘CBT has reached a point where both our customers and employee team will benefit from the scale and resources that Gray Dawes has at its disposal. We are excited about the path on which CBT will now travel and the enhanced product and service opportunities that this will bring to our customer base.’