p10-11 townsley jan9 7/1/09 17:27 Page 10
news Gold Medal sale
ttglive.com
Townsley: Why
EXCLUSIVE INTERVIEW: Gold Medal founder Ken Townsley
says his 50% sale to Thomas Cook in December is good for both
businesses – as well as for independent agents. By Lucy Huxley
S
elling out to Thomas Cook will boost
Gold Medal’s sales by 25%, while
Thomas Cook will gain from Gold
Medal’s superior air travel deals.
Independent agents will also be reassured by
the brand’s greater financial security, and Gold
Medal staff jobs in Preston will be safe.
That’s not a bad list of benefits for all parties
affected, according to Gold Medal founder
and owner Ken Townsley, who stands to net
£87 million from the deal.
The former Blackpool airport baggage handler,
who sold 50% of his business to Thomas Cook
in December and agreed an option to sell the
remainder after March 2010, claimed it was the
best offer of many on the table.
Speaking exclusively to TTG, low-profile
Townsley said: “I wanted to go. My ‘I’m a
Celebrity, Get Me out of Here!’ time had come.
OPPORTUNITIES IN CRISIS
“I was hoping for a big chunk of money and
to sail off into the sunset. But a lot of new
opportunities appeared once the financial crisis
kicked in which brought about a whole different
aspect to what I intended.”
Townsley, who remains president-elect of
Gold Medal, added: “I am just looking after my
remaining shareholding and will not be involved
in the day-to-day running of the business. I will
be leaving that to Terry [Fisher, group manag-
ing director], as I have for the last three years.
“Besides, the earn-out is entirely achievable.
Of course, Terry and the team will do it: and if
they don’t, I will fire them all and come back
and do it myself!” he joked.
Townsley added: “I no longer have to worry
about the economic climate, who’s going to
“It was crucial to get a
deal that pretty well
assured the Preston
office would be safe”
Ken Townsley
10 09.01.2009
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