Deal ends months of speculation
Independent travel firm Wexas has bought City-based travel management company (TMC) BJB Travel Partnership for an undisclosed sum.
The deal puts an end to speculation about the future of BJB which was linked to a number of TMCs on the acquisition trail last year.
In August rumours circulated in TMC circles that the firm was on the verge on completing a deal with Ickenham Travel.
The company, which specialises in the marine sector, will continue to work as BJB Travel Partnership from its offices in Clerkenwell and will retain all 18 staff.
Steve Allen, managing director of Knightsbridge-based Wexas, parent-company of Wexas Travel Management, told ABTN the purchase of would strengthen and expand his company's portfolio.
He said: "BJB specialises in marine and off-shore, but it has a broad range of clients in other sectors such as finance, fashion and architecture.
"The introduction of this base to our own portfolio gives us important diversity."
Allen said Wexas, a member of agency consortium Advantage, would remain on the acquisition trail as he looks to expand the business in 2010 and predicted more merger and acquisition activity throughout the corporate travel sector in 2010.
He said distressed TMCs would look to cut their losses by selling up while other small to medium sized companies might consider the merger path as a way staying afloat during difficult trading conditions.
BJB was founded in 1996 by Barry Jones and Michael McGing. Both will continue to run the company's day-to-day operations.
www.wexas.com