Phil Wyatt poised for travel comeback
Phil Wyatt poised for travel comeback
Thursday, December 04, 2008
Lucy Huxley
Former XL Leisure Group boss Phil Wyatt (pictured) will make his comeback in the travel industry on January 5 with a new investment and consultancy business dealing in the leisure sector.
Black Pearl Investments UK has been set up by Wyatt with XL’s former group chief financial officer, Halldor Sigurdarson, and head of mergers and acquisitions, Magnus Stephensen.
Wyatt said each of the individuals had put money into the venture and that the company was also “capitalised to a good level” by outside investors, including one based in Hong Kong.
Black Pearl is named after Johnny Depp’s ship in the Pirates of the Caribbean movies.
Wyatt said the business would focus on several markets, including the UK, and claimed that despite the downturn it was a good time to launch.
“I believe that in a tough financial environment, many opportunities will present themselves. And as a team we have a good knowledge of the French and German markets as well as the UK, Canada and the US,” said Wyatt.
But he stressed that after his XL experience, he was now keen to take a less hands-on role working with a smaller company.
“I would love to be involved in the UK travel business again, but I have no desire to be involved in another large corporation. You can come back too soon.” he said.
“I’ve done nothing wrong but I am taking a risk, so I want to be an investor as opposed to a manager with day-to-day involvement.”
The administrators’ report into the failure of XL and its subsidiaries was published this week ahead of a creditors meeting at Wembley Arena on December 16-17.
The list of its largest creditors included the CAA, which accounted for more than £85 million through the call on its bond and repatriation, and West Ham Football Club (£389,000).
Phil Wyatt poised for travel comeback - Travel Trade Gazette