CEO Pat McDonagh is to lead the new executive team at Co-operative Travel Management following the company’s acquisition by the Saudi-based Al Tayyar Travel Group (ATG) subsidiary Mawasem Travel and Tourism.
The 100 per cent sale by Thomas Cook Group to ATG was completed on 27 May in a £13.5m deal.
CTM had sales of £130m in 2013 and the executive line up announced to take the company forward includes CFO Mark Nevin, Commercial Director Sue Chapman and Sales Director Paul Casement.
ATG Vice-Chairman and Managing Director, Dr Nasser Al Tayyar, said the acquisition of CTM was an important part of the strategic plan to invest in the EU travel market.
Dr Al Tayyar also described the move as a step forward to establish Saudi Arabia outbound and UK inbound business at a time when the travel and tourism markets of both countries are growing at a considerable rate.
Describing it as “an exciting time for CTM”, McDonagh (pictured) said: “We’re delighted by the faith ATG and Dr Nasser have shown in the management team in asking us to take the business forward during this exciting time. CTM and ATG share common goals and we have big plans for the business both within the UK and on a global basis.”
CTM has over 1,000 corporate, public sector and charity clients and 16 locations throughout the UK.
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