13/10/2014

Russell leads buyout of Comtec Group

Mike Russell, CEO of Comtec Group, yesterday completed a buyout of the group with support from Simon Powell, original founder of Comtec, and Finance Wales. 

Comtec, based in Cwmbran, is a leading supplier of travel technology to many travel businesses from small retail businesses to large tour operators, including market leaders, Dnata (Gold Medal Travel), TUI Travel and Thomas Cook.

Russell’s immediate aim is to develop the company by building on customer relationships, launching new products and growing the client base.

Comtec was originally founded in 1995 by Simon Powell, before he sold the company in a management buyout in 2008.

Mike Russell commented, “We are delighted to have completed this buyout and secured capital to build upon our exciting innovation and development plans.  Our products are well established in the market and we have a brilliant customer base. 

“Our aim is to continue the re-engineering and development of our products to meet the needs of the tour operators, retailers and travellers of the future.  We will build on this investment and strong customer relationships to build a real force in the sector.  The return to Comtec of Powell, the founder, creates a real powerhouse which is sure to lead to interesting developments.”

“Over the last 18 months Comtec have invested heavily in their next generation systems aimed at the specialist tour operator market.  Every aspect of interaction with our product is being rejuvenated, be it customer, agent, sales team or other systems interfacing with our own.  The new face of our product set works brilliantly across all platforms and can be easily tailored to suit the requirements of our customers”.

Powell commented, “Comtec has been internally focussed more recently and I am delighted that it has now secured new financing to capitalise on its future potential.  Great strides have been made in recent years in quality of development and delivery. We are very much open for business and are already working on some large and exciting projects for our customers”

Alongside the buyout team Finance Wales, a number of industry players have invested in the business to ensure that it has the capital it needs for the future. 

Stephen Stolliday, Senior Investment Executive at Finance Wales said: “We’re delighted to back the latest phase in Comtec’s growth. Comtec is an established Welsh company with a strong reputation and an impressive list of blue-chip customers. Mike and Simon now have some exciting plans to expand in Europe as well as the US and we wish them well.”