The Travel Trust Association and Worldchoice have announced that their merger has been finalised, triggering a £4 million payment to Worldchoice shareholders.
The combined group, which will represent the largest number of independent travel agents in the UK, will now operate as TTA Worldchoice Limited.Worldchoice shareholders are to receive a return of 275p per share, with more than £4 million being paid out in total.
This comes after the boards of TTA and Worldchoice announced that a Scheme of Arrangement to acquire the shares of Worldchoice shareholders had been finalised and a court order was then forwarded to the registrar of companies at Companies House.
TTA MD Simon Hargreaves said: “It is quite a long time since we started out on this route but it was certainly a journey worth taking.
“In today’s economic climate travel companies need all the strength they can find, and by joining together, the members of both TTA and Worldchoice should feel more confident about the future.”
TTA Worldchoice Chairman Colin Heal said: “I believe that the merger will be hugely beneficial for both TTA and Worldchoice members.
“Not only because they will belong to the largest group of independent travel agents within the British Isles but also because of the synergies which bringing the companies together will deliver for members.”