Ayling at heart of Dutch action

GROWING Holidaybreak is making a bid to become the master of the Dutch travel market with its second raid across the North Sea in as many days.

The owner of Keycamp and Eurocamp has splashed out £15.7m on privately-owned Djoser which specialises in adventure holidays. Last year its 21,000 customers tackled the challenges of Peru's Inca trail as well as African safaris and Mediterranean hikes.

Holidaybreak, which is chaired by former British Airways boss Bob Ayling, will combine Djoser with its existing activity holiday firm Explore Worldwide.

The deal lowers the company's exposure to the camping market which has been in the doldrums in the past two years.

Analysts say the deal significantly enhances the firm's presence in the market for action holidays which are more profitable than selling a two-week break in a rain-sodden tent.

'This acquisition demonstrates that the group has the financial strength to exploit changing market trends,' said Holidaybreak chief executive Richard Atkinson.

Details of the deal emerged 24 hours after Holidaybreak agreed to pay £23m for Dutch short breaks firm BRC.

Broker Arbuthnot rates the shares 'buy' with a 660p price target. 'The quality of earnings and growth potential is improving,' said analyst Alan Millar.

The company's stockbroker Dresdner Kleinwort Wasserstein says the deals should enhance earnings by around 3% next year. The stock fell 2p to 613p.