Monday 18th February 2008
Barrhead Travel Services Ltd. has restructured its management team through a family MBO, and as part of this has moved its banking facilities to Bank of Scotland Corporate's Commercial Business team. The Bank has also provided additional debt finance to facilitate Barrhead's growth agenda.
Barrhead Travel was established over 30 years ago with only a few staff, and is now one of the largest independent travel agencies in the UK, with over 350 employees and around 130,000 customers a year. Sharon Munro has taken over as Managing Director and majority shareholder from her father Bill Munro, who founded the business. Sharon and her all-female management team will now run the business.
Barrhead initially approached Bank of Scotland's Glasgow team as part of the Bank's inaugural Entrepreneur Challenge. The Barrhead management team and their business plan impressed the Bank, and as a result the company switched to Bank of Scotland and secured additional funding.
Barrhead's focus over the coming years will be on further expansion. Significant resource will be invested in the development of Barrhead's presence on the internet, which represents the business's fastest area of growth with sales across its 10 websites. It will also seek a continued expansion in its network on the streets of Scotland's towns and cities. Barrhead currently operates in 8 locations, mainly in the west of Scotland, but will seek a presence in other parts of the country.
Commenting, Sharon Munro said:
"This is an exciting time for everyone involved with Barrhead Travel. My father has worked tirelessly to make our business that massive success story it is today, and I'm very proud to be taking it into the future.
"Bank of Scotland Corporate understands what it takes for businesses like Barrhead Travel to move forward. They are the bank for entrepreneurs, and I'm glad that my management team and I will have their continued support as we expand the business."
David Scott, Area Director of Bank of Scotland Commercial Business in Glasgow, added:
"Barrhead is a great Scottish entrepreneurial success story. It started from nothing and is now one of the foremost travel operators in the country. We're extremely pleased to have been recognised by Barrhead Travel as the Bank which will help them realise their dreams under Sharon and her excellent new management team."
Notes to Editors:
Barrhead Travel Services Ltd.was established in 1975 by Bill Munro. It is now one of the largest independent travel companies in the UK. Barrhead operates 8 sites in its Scottish network, and operates 10 websites which contribute to an increasing share of their business. Bill Munro has recently stepped down as Managing Director, being replaced by his daughter Sharon. Bill has also transferred his shareholding to Sharon, and he will now focus on a new business he has formed with his other daughter, Wendy Raeside, in the healthcare sector.
Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
