The Travel Corporation sold after 104 years of family ownership

The Travel Corporation (TTC), a major guided-tour company owned by the Tollman family for 104 years, was sold to Apollo in July 2024, Skift reported.

Brett Tollman, TTC’s chairman, cited the absence of a next generation to lead the business as the main reason for the sale, but additional factors were involved.

Credit rating reports and UK filings revealed that while the tour business remained profitable, it was underfunded with a 14% EBITDA margin, lower than competitors who had over 20%.

The family’s luxury hotel chain, Red Carnation, was losing money and depended on financial support from TTC on favorable terms, contributing to the decision to sell the tour business but retain the hotels.

Apollo's acquisition raises questions about reinvestment in TTC brands like Trafalgar and Uniworld and the future of family-owned tour operators and river cruise lines in the market.