Penningtons acts in partial sale of TTA Management Limited

Penningtons Solicitors LLP has advised the owners of TTA Management Limited on a series of transactions over the last year culminating in the partial sale of that company to TTA (2007) Limited, a private equity backed purchaser.

The TTA group includes TTA Management Limited and Travel Trust Association Limited and is based in Woking. TTA's membership of about 420 represents, outside of ABTA, the largest body of independent travel agents and tour operators, who are able to offer their customers and suppliers financial security through TTA's insurance backed trust protection arrangements. In return for TTA acting as their guarantors, association members pay TTA membership fees and a contribution for negotiating centrally on their behalf purchasing rates with travel suppliers.

Under the terms of the sale, the majority owners, Todd Carpenter and Stephen Clark, will remain with the business and be substantial shareholders in the purchaser. They have also been appointed as directors of the purchaser along with incoming Managing Director, Simon Hargreaves.

Philip Stephenson, Corporate Partner in Penningtons' Business Services Division, led the legal team advising the owners of TTA Management Limited. Philip said: "We are delighted to have been able to continue our long association with the TTA Group who are esteemed clients of the firm. We know TTA's business extremely well and were suitably placed to offer timely and client friendly advice. Given the strength of the underlying business and the diverse talents of the new board, I am confident this deal will prove to be the launch pad for even greater success for TTA."