Holiday Extras has bought back the 12% shareholding of its founders, Gerry and Carol Pack, who established the business 42 years ago.
The pair said they have decided to pass the business on to the next generation.
Control of Holiday Extras will continue to rest with its management team, led by Gerry and Carol’s son, Group CEO Matthew Pack.
An increased majority of the shares will be held in the Employee Benefit Trust established by the founders, which means that employees now have an ‘increased stake’ in the future of the business, said Holiday Extras, enabling it to attract and retain ‘the very best talent in the industry’.
At the same time, Holiday Extras has also agreed an extension of its borrowing facility with NatWest, from £20 million to £30m, to support its European expansion and investment in AI.
The latest version of its app is due to launch this month with new AI-powered features, it said.
Earlier this year, Holiday Extras bought European airport parking business Quick Parking, launched a multi-story airport car park under its Airparks brand in Munich and acquired Future Generation Services.
“All of this is possible because our customers and partners continue to choose Holiday Extras for its great service and our promise of ‘less hassle, more holiday,” said Matthew.
“Thanks to their trust and loyalty, we’ve been able to achieve outstanding performance over the last three years, generating the resources to fund this buyback. We’re going all in on AI and have exciting plans for European expansion.”
