10.Mar.2010 US company takes over UK holiday firm
A holiday company based in the United States is set to take over a famous Hoseasons holiday brand after the latter’s private equity owners agreed to a $60 million payout.
Hoseasons, a Suffolk-based company which offers holiday ideas and packages at about ten thousand lodges, cottages and caravans across the United Kingdom has been officially bought by Wyndham Worldwide – a US-based holiday company at the aforementioned amount.
The UK company began its humble beginnings 65 years ago. Founded by Wally Hoseason, the company went on to become one of the biggest names in its field. Hoseason’s son James ran the business until 1999 and HgCapital bought the firm in 2003.
Hoseasons sells about 300,000 holiday package deals every year with 15,000 properties scattered across seven countries in Europe. The company successfully sold holidays to families where they could even pack some swimwear and enjoy a family vacation. The company has 280 employees.
Wyndham stated that the takeover is part of the company’s expansion strategy in the United Kingdom.