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21 November 2022, Hilton London Metropole
Portman Group Holdings has acquired Fleet Travel in a multi-million pound deal that will see the company move closer towards its goal of becoming a ”400m ($780m) operation.
The surprise news ” Fleet Street Travel exhibited only recently at the Business Travel Show ” is the latest in a line of purchases as the acquisitive Group ” owner of Portman Travel ” also bought P&O Travel in November 2006.
”I can”t divulge the price for Fleet Street Travel,” said a spokesman, [but] ”what Portman is trying to do is make its turnover from ”296m to more than ”400m this year ” this is part of those plans. Portman itself would produce growth as well.”
The Fleet Street brand will progressively disappear however, as the integration process takes place in what is now appearing to be an industry-wide trend of consolidation.
”The acquisition of Fleet Street Travel enhances our substantial influence in the UK travel management market at a time when we are increasing our global presence via an accelerated investment in Radius,” said Portman chief executive Graham Flack.
”What this will mean is that we can offer customers the benefits of even greater scale, including a larger European presence and enhanced buying power.”
And Flack revealed that Portman would continue to look for expansion by means of more purchases: ”We have substantial appetite for further such acquisitions, which deliver this mix of client benefits and superior growth prospects,” he said.
Founded in 1986, Fleet Street Travel has six offices in the UK, Ireland and the Netherlands. Managing director Michael Hare, will join the board and executive team at Portman Travel.