Speaking to TTG, Hays Travel owner and chair Dame Irene Hays said the acquisition would strengthen Hays’ cruise offering in the UK and give the agency a foothold in the German market, where she foresees new opportunities for Hays, through Victoria’s cruise OTA Kreuzfahrtberater.de
Dame Irene claimed the acquisition, for an undisclosed sum, followed an approach by the group made on the basis of Hays Travel’s reputation as an employer, its company culture and also its financial clout. She added Hays would remain acquisitive if the right deal emerged.
"Most people [seeking a buyer] approach Hays as they know we will look after their people," she said. “But it’s also thanks to the strength of our balance sheet. It’s a combination of being a good home and having the wherewithal to buy."
Dame Irene explained Hays Travel’s interest in a deal for a group like Victoria and an agency brand like Cruise.co.uk had been strengthened by its decision two years ago to increase its focus on cruise sales in the wake of the pandemic.
Now, as Hays prepares to make its website fully bookable for cruise holidays, it hopes the acquisition will further drive cruise sales. “If you want a step change in volume, the quickest way to do that is via acquisition," Dame Irene continued.
"It also was appealing to us because it wouldn’t be a direct competitor to Hays Travel – it operates online, and the majority of Hays cruises are transacted either via our shops or our homeworkers.”
Dame Irene said Victoria Travel and its websites will remain as separate brands under the ongoing stewardship of chief executive Chris Gardner.
"We’ll hopefully be able to learn a lot from them and perhaps they will learn from Hays Travel too,” she added. “The early stages will be one of mutual learning and seeing how we can go forward.
“If we were to amalgamate that brand into the Hays Travel family, it may lose some of its focus when what we want to do is sharpen that focus on the things that they are really good at.”
Dame Irene praised the strength of the group’s marketing team and the access it offered to a new customer demographic. In addition, she said she was interested to explore the opportunities for Hays in a central European market.
“We’re very interested in the German market," she said. "And one of the best ways to break into new markets is to start with an existing company so the German business is very attractive to us.”
She said Hays remained open to further acquisitions in the future, adding: “I don’t necessarily think we are done for this year. If the right proposition that fits into our objectives comes onto the market then we could be interested in it.”
However, she admitted any potential acquisitions would be in the UK market as opposed to overseas. “Once we understand the German market better as a result of this acquisition, there may be a case for that in the future, but not right now.”
