EMC Corporate Finance is delighted to announce the sale of Timely Management Limited (“Timely”), t/a Uniglobe, to Ickenham Travel Group plc (“Ickenham”).An EMC team, led by Michael Pay, served as exclusive corporate finance advisers to the shareholders of Timely, working closely with them throughout the transaction.Timely, based in Brighton and London, was founded by John Burroughes in 1992 and has grown to become a leading independent travel management company within the global Uniglobe franchise. Ickenham has grown rapidly in recent years under the travel management brand, Business Travel Direct, and its award-winning retail brand, Letsgo2.The combined business will have a turnover in excess of £100m, employing 150 staff across six sites. John Burroughes will join Ickenham as a Director.Julie Oliver, MD of Ickenham said: “Timely is a well respected company that will be a great addition to the Ickenham Travel Group. We have known the team for many years and believe that our shared company values, service-driven culture and focus on next generation technology will create a strong, positive future.”
Peter Reglar, founder of Ickenham added: “Our plans include setting up a standalone technology solutions company, reflecting our diversification to encompass not only corporate travel management but also the provision of technology consultancy services including technical and procurement advice.”
John Burroughes commented: “I am delighted with the outcome. There is a great cultural fit between the teams along with our view on where our industry is headed and how we can be at the forefront of this.”
He added: “We simply could not have got here without the help, support and advice of EMC. They have been with us every step of the way through what was, at times, a daunting process, and we are delighted with the outcome. Michael’s experience of transactions and knowledge of the travel sector shone through throughout the process.”
Michael Pay added: “It has been a pleasure to work with John, Peter and Julie to achieve the goal of bringing these two great businesses together. We are seeing considerable ongoing consolidation in the TMC sector internationally, so it was great to work with two leading British businesses and demonstrate the continuing strength of doing business at home.”
Timely Management Limited were advised by EMC Corporate Finance, with legal advice from Healys and financial advice from Elman Wall. Blake Morgan provided legal advice to Ickenham Travel Group plc.