A spokeswoman said: ‘Libra Holidays UK Ltd, the new re-structured Libra, has acquired the brands and business assets of Argo Holidays and Jetlife.
'Integration of the two companies will commence in the coming weeks and months. We will be able to issue a more formal and detailed statement on Monday.’
The acquisition is part of a continued restructure of Libra, which will see a significant number of new shareholders in the company.
Staff at Libra’s New Barnet offices were informed of the deal yesterday and more details from managing director Eamonn Ferrin are expected on Monday.
Former MyTravel boss Ferrin joined the firm in November, along with industry consultant Michael East, to reposition the company.
In November, Libra told the Cyprus Stock Exchange that private equity group Allbury had injected £1m into Libra for a 35% stake, with an option to take an additional 25% stake for an extra £2.5m.
This option, which runs until 15 Feb 08 (today), becomes mandatory under a number of terms and conditions, including the appointment of a new management team.
The UK division split from its Cyprus parent and Libra group chief executive Andreas Drakou took on the interim role of managing director, as part of a rescue package.
Argo Holidays is a Mediterranean specialist and its sister operator Jetlife offers long-haul destinations such as the US, and includes the CaribWorld and AsiaWorld brands.
They are based in Barnet, north London
See also:
Libra takes next step to restructuring (12/11/07)
Libra names new investor/MD resigns (02/11/07)
Argo and MedHotels duo ‘settle amicably’ (12/06/07)
Argo ATOL lapses (29/03/07)