Holidaybreak sets up camp at PGL
The deal more than doubles the money for PGL management, which bought the firm for 42m less than two years ago after the death of founder Peter Gordon .
The main beneficiary from the sale is PGL chief executive Martin Davies, who is thought to have bagged as much as 10m for his stake.
Holidaybreak chief executive Carl Michel said PGL was a ‘perfect fit’ for the company.
‘It will become our fourth strategic operating division, providing us with a profitable, growing business in the outdoor education and adventure sector,’ he said.
Holidaybreak’s losses widened to 6.8 million in the half year to end-March from from 5.8m a year earlier. The shares rose 22p to 820p.
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