Libra Holidays Acquires Argo and Jetlife

Libra Holidays has announced that Argo Holidays and sister company Jetlife of the Interargo Travel Group have been acquired for an undisclosed amount.

Argo Holidays who specialise in Greece and Cyprus holidays have recently been linked with a number of travel companies including the Leisure Group behind XL Holidays and the Preston Travel Group. Argo’s sister company Jetlife specialises in USA, Asia and Caribbean holidays. Both are based in Barnet.

A Libra Holidays statement confirmed the deal: “Libra Holidays UK Ltd, the new re-structured Libra, has acquired the brands and business assets of Argo Holidays and Jetlife. Intergration of the two companies will commence in the coming weeks and months.”

The move comes only three months after Libra restructured following a period of uncertainty during a number of financial difficulties. Private investors Allbury eventually bought a 35% stake in Libra Holidays for a £1 million, with the option of another 25%. It now owns 60% of the business. 

A new management team was introduced as part of the rescue deal and by the beginning of the year Libra had announced that capacity had been halved and that Dubai, the UAB and Turkey had been dropped as destinations in order to help restore profitability. Instead, Libra now concentrates on its core destinations of Greece, Cyprus and Egypt.  

It is expected that more detailed information on the deal will be provided on Monday 18th February.