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L50552
Mergers and acquisitions in the travel
management sector are likely to gather pace in
the first half of the year, according to the Guild
of Travel Management Companies, which warns
that owners will have to be realistic about the
value of their business.
The Guild’s chairman, Maurice Veronique, said:
“We’ll definitely see more consolidation. In the
current economic climate there will be those in a
position to buy and those in a position to sell
and it’s a question of meeting in the middle.”
Michael Hare, managing director of Portman
Travel and vice-chairman of the Guild, said: “A
recurring problem is that some view their
business perhaps in the same way as they look at
a house. They need to realise that these things
do not have the same value as two years ago.
Once this is accepted we will see increasing
activity as the year goes on.”
Veronique aims to continue the theme of
inclusiveness over the
coming year. He said:
“We will welcome more
members. We share the
same problems and face
the same issues so we
have no limit on
numbers. This is not
five years ago when the
Guild was perceived as
a closed shop.”
GTMC chairman
Hare said that there
Maurice Veronique
is still huge growth in
parts of Asia and South
Guild predicts buyouts
America, creating a
need for more travel
management in these
regions. “It’s not all bad
but at the right price
news, during these
difficult time corporates
are knocking on the Changes at the
doors of TMCs and top: British Airways
GTMC bosses tell Martin Ferguson they expect increasing merger
asking how they can unveils its new
save money on their business travel
activity during 2009 – once owners accept current market values travel spend,” he said. trade sales team p8
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