2006.05.08 The Guardian
The niche naturist tour operator Peng Travel is set to win greater exposure after agreeing a sale to Travelzest, the new specialist travel firm.
Travelzest, founded last year, is buying Peng, Britain's biggest naturist holiday company, for £1.8m. The deal will turn Peter Englert, who set up Peng in 1971, into a millionaire as he is about to retire.
Mr Englert said at 70 it was time to sell the business.
"Normally people retire at 65. I enjoyed my job so much I put retirement off," he said.
Since creating the business over 30 years ago Mr Englert has built Peng into a successful company that arranges naturist holidays to destinations such as Spain and the Caribbean. Last year the company had a turnover of £2.6m and operating profits of £235,000.
Chris Mottershead, Travelzest's chief executive, said his company would be able to bring added marketing clout to what has been until now very much a niche company, selling some 3,000 to 4,000 holidays a year.
"Peng will not lose its culture and feel for its customers, but we will give it extra exposure, if you like, to the business," Mr Mottershead said. "We will provide better technology, improve its website and market the company in a better way."
Travelzest already owns several businesses, including Best of Morocco, a tour operator specialising in holidays to Morocco for individuals or small groups.
The firm also owns VFB Holidays - a long established, award winning tour operator that provided holidays for approximately 24,000 people in its last financial year.
In addition, Travelzest, founded in April last year, is the main agent for the Marathon des Sables - a running race that takes place in Morocco in April each year and covers around 143 miles.
Travelzest said Peng met Travelzest's strict criteria for acquisitions, "offering a sustainable revenue stream and growth potential at an attractive price".
Mr Mottershead signalled that one area of growth could be Cancun in Mexico, where Peng's attempt to expand last year was blown off course by the hurricane season.
"It's something we could look at again," he said.
Travelzest will become a holding company but will not operate the holidays. Mr Englert is under contract for another 12 months until he appoints a successor. Staff contracts have been extended.
Asked whether the new owners would take as much care of clients as he had, Mr Englert said: "After 35 years it's my baby, and I will make sure it will continue to prosper."
Mr Englert said naturist holidays were popular, particularly in the UK, because they gave people a sense of liberation.
"Naturism gives you a sense of freedom that you do not normally experience - particularly swimming without clothes," he said. "Having no tan lines is another aspect."
