Excel closes Kosmar purchase

Excel Airways Group, part of Avion Group has reached agreement to acquire 100% of the share capital of Kosmar Villa Holidays Plc, with effect from 2 May 2006, for an undisclosed sum.Kosmar, trading as Kosmar Holidays, will strengthen the Tour Operating Division of Excel Airways Group plc, which includes Excel Holidays, Freedom Flights, Travel City Direct, Aspire Holidays and the online portal XL.com. Kostas Markou (the founder and Chairman of Kosmar) will stay with the company as will Abhi Dighe, Director.
Kosmar Villa Holidays was voted Best Tour Operator To Greece at the British Travel Awards and is the UK No.1 Greek Specialist, a member of ABTA (the Association of British Travel Agents) and the FTO (Federation of Tour Operators) and holds ATOL (Air Tour Organisors Licence) 1760 issued by the CAA (Civil Aviation Authority), renewed in March and currently licenced to sell over 250,000 holidays. Founded in 1982, Kosmar has 24 years of experience in Greek holidays, currently offering over 80 resorts in Greece and, with effect from this year, a new programme to Turkey featuring Bodrum, Marmaris, Olu deniz and a dozen other resorts.
Commenting on the acquisition, Executive Chairman of Avion Group, Magnus Thorsteinsson, said:
“I am delighted to announce the acquisition of Kosmar, which extends our commitment to excellence in holiday
destinations for our clients, whilst providing further growth of Avion Group’s Charter & Leisure division.
The ideal strategic and geographic fit of Kosmar with Excel’s existing portfolio means we will see many benefits for
our client base and for the Group, through operational synergies. We are very pleased to welcome Kosmar to the
Avion group of companies.