Livingstone’s Consumer sector team is pleased to announce the sale of a majority shareholding in Destinology to Saga plc. Livingstone advised the shareholders of Destinology on the transaction. Destinology, founded in 2004 by Dominic Speakman, is headquartered in Bolton and employs over 100 staff.
The company is one of the UK’s leading online tour operators, offering bespoke holidays at 5-star hotels and resorts in major international destinations including the Maldives, Dubai, Caribbean, Far East, US and Europe. The website attracts over 5 million visitors a year and Destinology has a market leading social media presence with over 1 million followers on Google+, over 2 million YouTube views each year and a strong Facebook and Twitter presence.
Dominic Speakman, Founder of Destinology, who will remain as President and retain a shareholding post sale, commented: “We felt that Saga presented the most compelling opportunity to take the business to the next level and a very good result for the management team and shareholders.”
James Lever, Partner at Livingstone added: “Destinology is an outstanding business and one of the leading independent travel companies operating in the UK market. This was reflected in the enormous interest that was received from both strategic and private equity investors to acquire the business. Its management team has created an innovative and highly successful digital platform and they will form a formidable combination with Saga Travel.”
Livingstone’s Consumer sector team has recently advised on a number of high profile travel transactions including: JacTravel, TravelJigsaw, Iglu, Leisure Pass Group, Key Travel and Reed & Mackay.