Portman consolidates No. 1 spot with P&O acquisition

Portman Travel, the UK's largest independent travel consultancy, has acquired rival P&O Travel's assets in a deal supported by Clydesdale Bank.

The acquisition, from US-based Carnival PLC, increases the size of the Scottish-registered business by around 30 per cent and also strengthens its position as leader in the business travel market.

The terms of the deal, which has been backed by the acquisition finance team at Clydesdale's Edinburgh Financial Solutions Centre (FSC), are not being disclosed.

Portman Travel operates a nationwide network of 22 offices and has a presence in many major towns and cities across Scotland, including Glasgow, Edinburgh, Aberdeen, Motherwell and East Kilbride.

P&O Travel's offices in London, Heathrow, Southampton and Liverpool will be incorporated in to the existing network. Portman Travel will not use the P&O brand name, which remains licensed to Carnival.

Portman Travel and P&O Travel are both shareholders of Radius, the global network of travel management specialists, and the acquisition will benefit customers by combining the Radius partnership into a larger entity which is able to deliver greater international reach and buying power.

The acquisition has been made as part of an ongoing programme, which has seen the business acquire and integrate several companies, including AA Business Travel, John Cory Travel and Travelforce.

Graham Flack, Chief Executive of Portman Travel, said: "This acquisition is part of our continuing strategy to combine the highest levels of efficiency with the highest standards of customer service.

"We know P&O Travel well and the two businesses share a passion for professionalism and a commitment to providing service via local teams with local focus. We take a partnership approach to doing business and strive to be accountable to our clients and ensure they are always satisfied.

"The Clydesdale Bank is similarly committed to providing a highly professional service while also adding value for its customers. The solid advice and corporate finance expertise provided by Clydesdale's acquisition finance team played an important role in making this acquisition a reality."

David Henderson, Clydesdale's area director for acquisition finance in the east of Scotland, added: "Portman Travel is a major force in the travel management sector thanks to its customer-focussed approach and ability to adapt quickly to any change in the market.

"We were delighted to be able to ensure this highly ambitious firm secured P&O Travel's business and feel sure that this acquisition will provide a platform for further future growth."

A major player in the SME and corporate banking markets, the Clydesdale Bank is actively growing its business banking offering through its unique, UK-wide network of more than 90 Financial Solutions Centres which offer a 'one-stop-shop' for businesses and high-net-worth individuals.

Each FSC can offer expert advice on all business banking disciplines and includes specialists in asset and invoice finance, wealth management and treasury solutions. Customers, who are referred to as members, are also able to take advantage of the conferencing facilities available at any FSC anywhere in the country as and when they require them.