Business
Acquisition of European Study
Acquisition of European Study.
About this update from Harbour Energy Plc
[{"type":"text","content":"\n RNS Number : 3514X Holidaybreak PLC 24 June 2008 \n \n24 June: For immediate release\n\nHOLIDAYBREAK PLC\nAcquisition of European Study Tours\n\n\nHolidaybreak, the European specialist holiday and educational activity group, announces that it has acquired Hertford Travel Group Limited, the holding company of educational tour operator European Study Tours (\"EST\") from David Campbell and William Sadler, principals of Banks Sadler, the meetings, corporate travel and events company, and EST's Managing Director Brendan Jones. \nThe consideration for EST totals £4.05m, following a pound for pound adjustment for the average cash balances within the business. In the year to 31 August 2007, EST generated normalised turnover of £5.7 million and normalised EBITDA of approximately £0.5 million. The acquisition is expected to be marginally earnings enhancing (pre-amortisation of intangibles)* for Holidaybreak in the financial year ended 30 September 2009. \nEST will sit within Holidaybreak's Education Division, which was created from the acquisitions of PGL and NST in 2007. EST (www.euro-study-tours.co.uk) was established in 1983. It specialises in bespoke travel and subject specific conferences for 16+, higher and further education students. Conference venues are located around the world and cover a range of subjects across the curriculum including Art and Design, Business and Economics, History and Politics, Language and Culture, Hospitality and Catering, Leisure and Tourism, Performing Arts, ICT and Geography. The annual 'Your Future in Europe' conference in particular has run since 1989, brings over 2,000 students a year to Paris and has been described in the Times Educational Supplement as \"the annual 'must go' occasion in the school diaries of sixth forms\".\n\nThe new acquisition will be combined with NST's StudyLink operation, the UK's leading provider of affordable group travel for university and college student groups. Brendan Jones, currently Managing Director of EST, will lead the enlarged Higher Education team and represent the Further Education and Higher Education segment in the Education Division management team.\n\nCarl Michel, Chief Executive of Holidaybreak, said: \n\"This is another excellent acquisition for Holidaybreak. EST strengthens our position in educational travel and I am...