MULTIMILLIONAIRE entrepreneurs John and Hugh Boyle have bought a controlling interest in CV Travel, an upmarket villa lettings specialist serving Greece, Italy and the Mediterranean.
The brothers, who own Zoom Airlines and Go Travel Direct, acquired the business from founders Richard and Patricia Cookson, who established CV as Corfu Villas in 1972.
Bank of Scotland Corporate in Glasgow provided funding for the transaction, the value of which was not disclosed.
CV, which has annual income of around £10m, employs 35 staff at its office in Cadogan Street, central London.
John Boyle told The Herald that its annual profits have fluctuated between £500,000 and £1m over the last 10 years.
"We are delighted to have acquired this prestigious company which we consider to be the jewel in the crown of up-market tour operators," he said. "Richard and Patricia Cookson have built an outstanding business with a superb reputation for its loyal clientele and owners."
He added: "While mass market tour operators are experiencing difficulties at the moment, there is no doubt the future lies in the top-end specialists."
John and Hugh Boyle sold their telephone holiday booking business, Direct Holidays, to Airtours in 1998 for £81m. They re-entered the travel business with the launch of Go Travel Direct last year.