The bank-backed Business Growth Fund's chief executive says its second deal backing of the UK-based travel management company indicates it is "now very much open for business".
The Business Growth Fund (BGF), the fund set up by five major UK-based banking groups, invested £4.25m ($6.7m) in UK-based travel management company Statesman Travel Group yesterday.
Statesman was founded in 1975 and acquired by former owners of the Phoenix Travel Group in July 2007. Since then Statesman has increased sales by over 50% and staffing from 40 to 75.
With the aid of the funding, Statesman has acquired competitor Commodore Travel, and the combined company is set to…
