Colcheser-based travel management company Gray Dawes to double in size through twin acquisition
- Credit: Archant
Essex-based travel management group Gray Dawes is to double in size following the simultaneous completion of two acquisitions.
Gray Dawes, which has its headquarters in Colchester and a London office in Southwark, has acquired Travel Management Group (TMG), which is based in Leamington Spa, and Cambridge Business Travel (CBT), located on the Cambridge Science Park.
The two transactions, the values of which have not been disclosed, follow on from the acquisition by Gray Dawes last year of Business Travel Partnership and Travel Focus.
Gray Dawes is currently ranked by Buying Business Travel magazine as the UK’s 29th largest travel management company, with annual sales of £46m. TMG has sales of £38m and, although the annual turnover of CBT has not been disclosed, Gray Dawes chief executive Suzanne Horner said the two deals together put Gray Dawes on track to achieve its goal of £100m in annual revenues next year.
She said: “Having Travel Management Group and Cambridge Business Travel join Gray Dawes brings 2016 to an exciting and satisfying close. The goal has been to propel our business into one of the 20 largest travel management companies in the UK trading in excess of £100m per year. These acquisitions enable us to achieve this strategic position in 2017.
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“The staff and customers of both companies are an excellent fit for Gray Dawes and their locations of Leamington Spa and Cambridge provide us with new geographic opportunity,” she added.
Gray Dawes currently has a workforce of about 65 with TMG employing around 60 people and CBT having a team of 10 consultants.
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Besides its Leamington HQ, TMG also has a sub-office at Amersham in Buckinghamshire and a team embedded with a client in Stoneleigh, Warwickshire, which will also be retained.
TMG chairman Ian Dunwoody said: “With the stability and backing of one of the longest established travel management companies in the country, TMG customers will benefit from even wider products, services and innovation.”
Stuart Scott, joint managing partner at Cambridge Business Travel, added: “CBT has reached a point where both our customers and employee team will benefit from the scale and resources that Gray Dawes has at its disposal.”