the lowdown

TMC consolidation continues apace

THE TREND for industry mergers continues with the takeover of Hillgate Travel by Reed & Mackay, which said it welcomed its former rival 'into the family', to create a business with a combined global turnover of more than £600million. The financial terms of the deal have not been disclosed.

Both businesses are strong in the financial services, insurance and professional services sectors, and have invested heavily in their own technology to service clients.

It is unclear if the takeover will result in redundancies or office closures or if the Hillgate name will remain. Fred Stratford, Group CEO, Reed & Mackay, says: “There is a passion for service at the heart of both businesses that makes this a very natural fit.”