SYNOVA ACQUIRES FLEETWAY TRAVEL
Synova Capital LLP (“Synova”), an award winning investor into UK growth companies and Tenzing PE Limited (“Tenzing”) are pleased to announce the acquisition of Fleetway Travel Limited (“Fleetway”, the “Company” or the “Business”) a leading online provider of exclusive luxury travel deals. Synova and Tenzing have invested alongside the existing directors, James Clarke and Ben Braude. Ian Coghlan (previously CEO of both Abercrombie & Kent and SAGA Travel) joins the Business as Executive Chairman.
Fleetway has developed a unique and highly disruptive model providing hotels and airlines with the strategic capabilities to manage supply and enhance yield throughout seasonal periods, whilst delivering exceptional value for money and service to its customers. The Business trades across the Fleetway, Luxury Holiday Collection and Exclusive Luxury Breaks brands. Key online partners include Travelzoo and Secret Escapes.
Commenting on the transaction, Alex Bowden, a Partner at Synova and a Director of Fleetway, said: “We believe the technology-led offering provides significant growth opportunities as a sophisticated distribution platform for travel operators; our plan will focus on delivering further UK penetration as well as rolling the product offering out internationally. We are delighted to be supporting James and Ben, in partnership with the operational experience and leadership of Ian Coghlan and the wider team at Tenzing, with the next phase of Fleetway’s development.”
Ian Coghlan, Executive Chairman of Fleetway and Tenzing Partner, commented: “I am delighted to be joining Fleetway as Executive Chairman. Fleetway has carved itself a unique position in the travel deals market and delivers amazing value and excellent customer service. Their innovative use of technology and superb relationships with their suppliers provide a solid platform from which to build the business. We are very excited about the future developments and I look forward to helping the management team and Synova to achieve their ambitious goals.”