Majority shareholding in Concorde Group sold

The Concorde Group of Companies, one of Australia's largest and most successful travel entities, confirmed today that it has concluded negotiations to sell a majority shareholding to a consortium of Australian investors, backed by the international ABN AMRO financial services group.

Mr Peter Lacaze, who becomes CEO of the group, heads the investment consortium. Peter was formerly head of Qantas Holidays and Chief Executive of Jetset Travel.

Mr John Ward, a former Chief Executive of Qantas and an executive of News Corporation, will be appointed non-executive chairman of The Concorde Group of Companies. Mr Ward is also a board member of the Brisbane and Adelaide Airport Corporations.

Concorde International Travel was founded in 1949 in Melbourne. In 1987 British Airways acquired 50% of Concorde in what has become a very successful joint venture, with operations in Australia, New Zealand, the USA, Europe, Asia and South Africa, and group turnover in 2001 of AUD $1.7 billion.

Today, the group includes:

· One of the largest airline ticket wholesalers in the southern hemisphere, negotiating tens of millions of fares with airlines around the world and providing these to travel agents; 

· World Aviation Systems, a specialist airline representation company, which provides sales, marketing, distribution and other services for more than 50 airlines worldwide;

· Specialist tour wholesaling operations, including Air New Zealand Holidays, Newmans Holidays, Ski Express and Travel Indochina,

· The Breakaway Travel Club for members of the travel industry and

· Smartravel Solutions, a specialist division whose core product is the renowned Concorde SmartFares air fares database for travel agents.

Mr Lacaze said that while British Airways will no longer retain a shareholding, Mr Baldacchino and Mr Cassar, both highly admired and respected in the travel industry, will continue to be actively involved in the running of the business, and Antonio Pistorino, the son of Concorde's founding owner will also continue his involvement in Melbourne. Concorde's existing and award winning management team will remain.

Mr Cassar, who was recently appointed chairman of The Tourism Task Force (TTF), now becomes Chairman of the Management Board of the Concorde Group's specialist airline division, World Aviation Systems.

The outgoing chairman, Mr Baldacchino said today: "The new Concorde ownership is clearly the ideal mix of experience and expertise to lead the group into a new era of travel marketing and management. We are all delighted that Concorde remains in such professional and progressive hands".

Specific terms of the transaction remain confidential to the parties.