Exit for JMB Travel founder
Jonathan Blizard sells his business to the growing online portal Travelzest
After over 20 years of trading Jonathan Blizard has sold his specialist opera holiday company, JMB Travel, to the AIM-listed holiday company Travelzest.
Blizard accepted £700,000 in return for JMB’s equity and has personally received shares in his buyer, as is common policy with Travelzest’s acquisitions when the vendor remains with the business. Blizard says that it was always his intention to sell the business but began to actively seek a buyer about two years ago. He approached potential purchasers directly which he says wasn’t a particularly difficult task as JMB is well-known in the industry. He identified Travelzest as a “good fit” both culturally and in terms of location but it was integrating a number of other acquisitions at the time. After a delay of about 10 months, heads of terms were signed in May this year and the final deal was agreed on September 14. JMB are now one of 11 businesses under the Travelzest umbrella. “Travelzest were a good buyer because they have kept intact all the other companies they have bought,” says Blizard. “I was also attracted to a number of the products that they had. “The deal is the icing on the cake as this is something I have always wanted to do.”
Chris Mottershead, Travelzest’s chief executive, added: “JMB Travel has an excellent reputation for providing a high quality service and a wide range of options for opera and music festival fans, which is demonstrated by the high number of repeat customers.
“We will work with the company to broaden their customer base, both through building their presence on the internet and by pursuing new opportunities.”
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