Teletext Holidays has a new chairman and majority shareholder, Chris Letcher, who has taken a controlling stake in the company after six months acting as a consultant.
A&N Media, the consumer division of the listed Daily Mail & General Trust (DMGT), remains a major shareholder but has relinquished control. The size of Letcher’s stake has not been confirmed but is understood to be 51%.
DMTG issued an announcement this morning confirming “agreement in principle to sell a majority stake in Teletext Holidays to Letcher and the management team at Teletext Holidays, who will assume day-to-day operating control of the business”.
Victoria Sanders, Teletext Holidays managing director, said: “Chris has been involved with the business on a strategic level since May this year and been pivotal to our planning.
“We have ambitious targets for growth and his investment and direction will help to drive the business forward over the next few years. He has an excellent track record in business and I’m looking forward to working with him.”
Letcher said: “I see huge potential in Teletext Holidays given its strength as an online player and as television technology moves rapidly to a new future. I believe Victoria and the team have done a phenomenal job relaunching the brand and getting the business to where it is in terms of its web presence.
“We have a strong business model and the focus will be on creating market leading digital distribution platforms and working with our travel partners to ensure we deliver the best holiday deals in the market.”
Letcher was previously group managing director of Hobsons, a technology business supporting schools, colleges and universities. Hobsons is also owned by DMGT. Letcher has acted in a consultancy role with DMGT for the last three years. He is an investor in a number of other companies, including travel club Secret Escapes.