L’tur, Germany’s best-known specialist for ‘last-minute’ holidays, will be a 100% TUI subsidiary in future.
Karlheinz Kögel, the 70-year-old company founder, will sell his remaining 20% stake to TUI, which already owns 80% of the firm, and step down as chairman. The former TV broadcaster and media entrepreneur said: “Enough is enough, even if I’m leaving a great team behind.”
L’tur generated revenues of €450 million with 700,000 customers in 2014/15 through online sales and its network of 141 travel shops, but sales have declined this year, reportedly to just €350 million.
In June, former TUI Poland CEO Marek Andryszak took over as CEO and launched a restructuring programme. From January he will also be COO of TUI Germany, indicating closer cooperation between the two companies in future.
TUI Germany chief Sebastian Ebel, who will replace Kögel as L’Tur chairman, commented in a letter to staff: “Even though business at our last-minute specialist declined recently, I’m convinced that we will be very happy with L’Tur in future.”
Meanwhile, Kögel will fully concentrate in future on his other firm HLX, which is a direct-sales tour operator and also produces package holidays that Lufthansa and Air Berlin sell through their websites. The company expects to grow 25% this year to 240,000 customers and hopes to grow by a further 35-45% in 2017, gaining 100,000 more customers as well as winning more airline clients.