Avion Group, purchase TravelCity Direct.
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For Immediate Release 20 June 2005
AVION GROUP
(‘Avion’ or the ‘Company’)
Acquisition of The Really Great Holiday Company Plc
Avion, a leading international transport solutions group that recently acquired the shipping and logistics company
Eimskipp, is pleased to announce a further acquisition of The Really Great Holiday Company (‘RGH’) for an
undisclosed sum. Islandsbanki of Reykjavik has partly financed the transaction.
RGH was formed in May 1995 and operates leading brands: Travel City Direct, Transatlantic Vacations and Carshop.
Travel City Direct is a tour operator selling direct to the public through its two call centres in Blackpool and Swansea.
Its head office is based in Gatwick.
Focusing on the US market, Travel City Direct is the UK’s largest independent specialist offering direct bookings to
Florida with over 170,000 UK travellers booking their holiday in 2004. RGH will form part of the leisure and charter
division of Avion alongside Excel Airways Group (‘EAG’). The combined volumes of RGH and EAG will make them
together the 8th largest travel group in the UK, as licensed by the UK Civil Aviation Authority. EAG carried in excess of
4 million passengers in 2004. The majority of seats are provided by Air Atlanta aircraft, also part of the Avion Group,
with the remainder being with other charter and scheduled airlines. The company also operates in Europe,
predominantly Majorca and Spain, as a secondary market. For the year ended 31 December 2004, RGH reported
revenues of £118 million.
During 2005, the frequency of the service to Florida is being increased to a twice weekly year-round service from both
Gatwick and Manchester. In the peak summer months, RGH operates 14 Boeing 747 flights per week. Up to date
Boeing 747-300 aircraft leased from Air Atlanta Europe have been introduced to the flying programme from
Manchester at the end of last year and from Gatwick in May 2005, replacing the existing Boeing 747-200 aircraft.
RGH is licensed by the Civil Aviation Authority and is the 17th largest fully bonded ATOL.
Commenting on the acquisition, Executive Chairman Magnus Thorsteinsson said:
“I am delighted to announce the acquisition of RGH, which provides Avion with further growth within our leisure
division. Additionally, we will benefit from synergies in aircraft utilisation through deployment of Air Atlanta’s fleet
to accommodate RGH’s market from the UK.”
Notes to Editors
Avion Group is a leading global transportation company that is planning an Initial Public Offer on the Icelandic Stock
Exchange in late 2005. The Company represents a merger of Icelandic airlines, Air Atlanta Icelandic and Islandsflug
together with handling service provider SouthAir. In addition, British aviation companies Air Atlanta Europe and Excel
Airways Group form part of the Avion Group as well as maintenance service provider Avia Technical Services. There are
currently 67 Boeing and Airbus aircraft in the new fleet with a total number of 3,200 employees. Recently the Company
acquired Eimskip, a shipping and logistics operation with 1,200 employees from 50 working bases in 13 countries. Eimskip
has 22 ships in operation and a further four vessels are on order.
Page 2
For further information:
Avion Group
Magnus Stephensen,
Vice President - Business Development
Tel: +354 840 7070
Buchanan Communications +44 (0) 20 7466 5000
Richard Darby, Suzanne Brocks
AVION GROUP
(‘Avion’ or the ‘Company’)
Acquisition of The Really Great Holiday Company Plc
Avion, a leading international transport solutions group that recently acquired the shipping and logistics company
Eimskipp, is pleased to announce a further acquisition of The Really Great Holiday Company (‘RGH’) for an
undisclosed sum. Islandsbanki of Reykjavik has partly financed the transaction.
RGH was formed in May 1995 and operates leading brands: Travel City Direct, Transatlantic Vacations and Carshop.
Travel City Direct is a tour operator selling direct to the public through its two call centres in Blackpool and Swansea.
Its head office is based in Gatwick.
Focusing on the US market, Travel City Direct is the UK’s largest independent specialist offering direct bookings to
Florida with over 170,000 UK travellers booking their holiday in 2004. RGH will form part of the leisure and charter
division of Avion alongside Excel Airways Group (‘EAG’). The combined volumes of RGH and EAG will make them
together the 8th largest travel group in the UK, as licensed by the UK Civil Aviation Authority. EAG carried in excess of
4 million passengers in 2004. The majority of seats are provided by Air Atlanta aircraft, also part of the Avion Group,
with the remainder being with other charter and scheduled airlines. The company also operates in Europe,
predominantly Majorca and Spain, as a secondary market. For the year ended 31 December 2004, RGH reported
revenues of £118 million.
During 2005, the frequency of the service to Florida is being increased to a twice weekly year-round service from both
Gatwick and Manchester. In the peak summer months, RGH operates 14 Boeing 747 flights per week. Up to date
Boeing 747-300 aircraft leased from Air Atlanta Europe have been introduced to the flying programme from
Manchester at the end of last year and from Gatwick in May 2005, replacing the existing Boeing 747-200 aircraft.
RGH is licensed by the Civil Aviation Authority and is the 17th largest fully bonded ATOL.
Commenting on the acquisition, Executive Chairman Magnus Thorsteinsson said:
“I am delighted to announce the acquisition of RGH, which provides Avion with further growth within our leisure
division. Additionally, we will benefit from synergies in aircraft utilisation through deployment of Air Atlanta’s fleet
to accommodate RGH’s market from the UK.”
Notes to Editors
Avion Group is a leading global transportation company that is planning an Initial Public Offer on the Icelandic Stock
Exchange in late 2005. The Company represents a merger of Icelandic airlines, Air Atlanta Icelandic and Islandsflug
together with handling service provider SouthAir. In addition, British aviation companies Air Atlanta Europe and Excel
Airways Group form part of the Avion Group as well as maintenance service provider Avia Technical Services. There are
currently 67 Boeing and Airbus aircraft in the new fleet with a total number of 3,200 employees. Recently the Company
acquired Eimskip, a shipping and logistics operation with 1,200 employees from 50 working bases in 13 countries. Eimskip
has 22 ships in operation and a further four vessels are on order.
Page 2
For further information:
Avion Group
Magnus Stephensen,
Vice President - Business Development
Tel: +354 840 7070
Buchanan Communications +44 (0) 20 7466 5000
Richard Darby, Suzanne Brocks
