Gerry and Carol Pack, who established Holiday Extras 42 years ago, have sold their remaining 12% stake in the business to the management team’s investment vehicle Holiday Extras Investments Limited, which now has the remaining six million shares.
Control of the business will continue to rest with its management team led by the Packs’ son, group chief executive Matthew, with an increased majority of shares held in the Employee Benefit Trust established by the founders.
The company said: “Holiday Extras employees therefore now have an increased stake in the future of the travel technology market leader via the trust, helping HX continue to attract and retain the very best talent in the industry. “
At the same time, Holiday Extras has agreed an extension of its borrowing facility with long-term banking partner NatWest, raising it from £20 million to £30 million.
’All in on AI’
Matthew Pack said: “All of this is possible because our customers and partners continue to choose Holiday Extras for its great service and our promise of ‘less hassle, more holiday.’
“Thanks to their trust and loyalty, we’ve been able to achieve outstanding performance over the last three years, generating the resources to fund this buyback.”
Pack said the extra cash would support further European growth and investment in Artificial Intelligence. “We’re going all in on AI and have exciting plans for European expansion,” he said.
He added: “I am grateful to our banking partners at NatWest for their continued support; to the incredible team at Holiday Extras for making this possible; and of course to my parents Gerry and Carol who set up this business in 1983 and are exiting after 42 years.
“I am proud to say that the business they started is now in better shape than ever to take advantage of a very exciting future.”
Holiday Extras will launch version nine of its app this month.
Earlier this year, it purchased European airport parking business Quick Parking, launched a new multi-story airport car park under its Airparks brand in Munich and acquired self-service technology specialist Future Generation Services.
It said more acquisitions “are expected to follow”.
