HELLOWORLD Travel has announced it has agreed to acquire a 40% stake in South Australia-based retailer Phil Hoffmann Travel (PHT).
PHT has been an Associate Member of Helloworld since 2014, with the acquisition to see HLO buy the 40% stake owned by the company’s namesake Phil Hoffmann, with an option to acquire the remaining 10% of his shareholding in the next three years.
Meanwhile, PHT Chief Executive Officer & Director Peter Williams will retain his shareholding in the business.
“We are delighted to announce our investment in PHT,” Helloworld Chief Executive Officer & Managing Director Andrew Burnes declared.
“They have been one of the most iconic brands in retail and corporate travel for many years and throughout that time have supported Helloworld as part of our Associate network and through our Viva Holidays, Sunlover Holidays, CruiseCo and Ready Rooms wholesale operations.”
“We have been closely involved with them over many years and are looking forward to an even closer involvement through our stake in the business.”
Founded in 1990, PHT operates in the leisure and corporate travel sectors in South Australia, and has nine locations with more than 150 staff.
It is one of the most successful retail travel agencies in Australia, and has been recognised as such 12 times at the National Tourism Industry Awards.
The transaction is expected to settle in early July.