A travel agent which specialises in transporting aid workers to warzones is close to changing hands in a deal worth about £40m.

Sky News understands that Diversity Travel, which was founded in 2008, is on the verge of being sold to Primary Capital, a private equity firm.

City sources said on Tuesday that a transaction could be finalised within weeks.

Diversity Travel, which works with charities and other non-profit organisations, has helped transport aid workers into Ukraine since the Russian invasion, as well as into Syria and Turkey after the catastrophic earthquake in February which killed thousands of people.

It has also worked in conflict zones in countries from Afghanistan to Yemen.

One travel industry executive said the impending deal formed part of a wider trend which was seeing a string of business travel companies put up for sale.

TAG Group, another sizeable player in the market, recently hired bankers at Rothschild to oversee a sale process.

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The flurry of deals reflects a rebound in post-COVID demand for international travel, according to industry analysts.

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Houlihan Lokey is understood to have handled the sale negotiations on behalf of Diversity Travel.

Primary Capital, which previously invested in companies including Paperchase and Yo Sushi, has been contacted for comment.

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