Statesman Travel Group Receives £4.25M Growth Investment from Business Growth Fund
Statesman Travel Group, a London, UK-based independent travel management company providing a comprehensive service to blue chip corporate and private clients, has received a £4.25m growth investment from Business Growth Fund (BGF).
BGF will take a minority stake and a seat on the board of the company.
The investment, together with additional funds coming from existing shareholders and support from Lloyds Banking Group, will enable Statesman’s strategic acquisition of Commodore Travel (Commodore). This transaction is expected to create one of the top 10 UK travel management companies in terms of transactional volume, with revenues approaching £100m, and a staff of approximately 150 employees.
Its current management team include joint managing directors Mervyn Williamson and Jon Langley, non executive chairman Eric Brannan and Hogg Robinson.
Established in 1975, Statesman provides a global service through its partnership network Travel Solutions International (TSI), with locations in North America, Europe, Africa, Middle East, Far East and the Southwest Pacific. Clients include public sector organisations as well as blue chip multi-national companies and SMEs in the financial services, professional services, property and media sectors.