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
“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
“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.”