HEREFORDSHIRE-based PGL Travel Ltd has been acquired by its management from the family of its founder, Peter Gordon Lawrence, in a deal valued at £42 million.

Based in Ross-on-Wye, PGL was founded in 1957, initially specialising in canoe camping trips for groups on the River Wye.

Now it takes more than 250,000 children a year on school trips and multi-activity holidays, operating more than 20 centres in the UK, France, Spain and Austria.

Chief executive Martin Davies said the board was delighted at having secured the company.

He said: "We are very pleased to have the opportunity to move forward on the firm foundations established by the company over nearly 50 years of operation.

"Peter Gordon Lawrence would have been very pleased with the outcome which keeps the company he developed intact - its culture, values and guidelines unaltered - and his loyal staff in post."

Known affectionately as "Parents Get Lost," PGL is recognised by all the major activity organisations, including the Royal Yachting Association and the British Canoe Union. It is a founder member of the British Activity Holiday Association.

Mr Davies, who was appointed by Mr Lawrence to take the company through to its next phase, said: "When Peter died in August 2004, a management buyout was the obvious route forward and agreement was eventually reached.

"Peter's contribution to outdoor recreation and education has been immense. Several generations of children have benefited enormously from his achievements.

"Thousands of young people have entered careers in outdoor education, childcare and other professions through employment at his centres.

"However, under our management, the solid foundations that he laid leave a platform from which PGL will continue to prosper and offer countless more opportunities for fun, adventure and personal development."

He added the sale of the business to the local team was also good news for employment in Ross.

"PGL is a major supporter of local youth, sport and charity good causes.

"An alternative purchaser may have relocated the head office with loss of local jobs," he said.