Al Tayyar Travel Group (ATG) has marked another major milestone, obtaining the Thomas Cook owned luxury tour operator, Elegant Resorts for SAR 88 million (14.3 million pounds).Elegant Resorts established 25 year ago in the UK was reserved for sale in March 2013 as part of the group’s restructuring.
The agreement between the two parties was signed on February 6, 2014 In London in the presence of Deloitte Chartered Accountants & Consultants for Al Tayyar Travel Group and financial adviser "Thomas Cook" Company along with Simon Oaks Chartered Accountants.
Commenting on the occasion, Dr. Nasser Al Tayyar, Deputy Chairman of the Board of Directors and President, Al Tayyar Travel group said “We are proud of this acquisition and the new addition to our ATG family. We hope to strengthen our presence extensively in the UK with this new acquisition. We strive to provide our customers with safe and smooth global services and operations.
The value of the deal is estimated at 14.3 million pound sterling (SR 88 million) broken up into 10.3 million pound as the company value and 4 million pound to support the operating capital of the company. It is to be noted that this deal was financed form the company’s own resources and all the legal procedures for completing the process of acquisition and transferring the property of the company to Al Tayyar Travel Group were taken.
This acquisition represents a positive step forward in favor of Al Tayyar Group, taking into consideration that Elegant Resorts is a pioneering company in UK in the field of executing tour packages as well as outstanding holiday programs Inside and outside Britain to Europe and the Caribbean islands as well as Central and Eastern Asia along with number of countries around the world.