BRISBANE TRAVEL COMPANY ACQUIRES COMPETITOR

Written on the 28 October 2010

BRISBANE TRAVEL COMPANY ACQUIRES COMPETITOR

PRIVATE Brisbane company Corporate Travel Management (CTM) has announced the acquisition of its Sydney-based competitor Travelcorp Holdings for an undisclosed sum.

Travelcorp has 52 staff and recorded revenue of $65 million in FY2010 and is considered a bullish move by CTM.

CTM chief executive Jamie Pherous (pictured), says the deal will add significant value to clients.

“Travelcorp represents an excellent cultural fit. We both have a reputation for employing great people and delivering a highly personalised service to our clients,” says Pherous.

“The fact that we both utilise exactly the same software, customer facing technology and systems means minimal change to our clients and staff. If anything, CTM’s sophisticated support services will enable our staff to deliver greater value to our clients.

“During the past decade CTM has grown both organically and through acquisition, allowing us to expand our client offering and increase our market share, delivering value back to our clients in Australia and New Zealand.”

Pherous told Brisbane Business News that he plans to build CTM into a $1 billion company in the next five years, after quitting an accounting job and buying its loss-making predecessor in the early 90’s.

“A lot of people in the travel industry and friends thought I was mad, but I’m a great believer that if you stick to a discipline or niche and it’s something you believe in, if you have an unwavering commitment and work ethic to get there, you normally do,” he says.

The acquisition will come into effect on January 3.

For more of Pherous’ story get your copy of the Brisbane Business News October edition, available in more than 500 greater Brisbane newsagents.


Latest News

CRITICS CALL FOR MORE INDEPENDENT DIRECTORS ON BLUE SKY BOARD

BLUE Sky Alternative Investments (ASX: BLA) has defended its governance and valuation processes in response to severa...

BEGA PAYS $460 MILLION FOR VEGEMITE TO BRING THE ICONIC BRAND BACK UNDER AUSTRALIAN OWNERSHIP

VEGEMITE is back under Australian ownership after Bega Cheese (ASX: BGA) agreed to buy Mondelez International's A...

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the ...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

Related News

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter