Vespa Capital Announces the Sale of James Villa Holidays

LONDON, December 1, 2010 - Vespa Capital, a private equity company founded in 2008, is
pleased to announce its first successful exit as it sells James Villa
Holidays to Wyndham Exchange & Rentals.

Established in 1984, James Villa Holidays is the leading villa
tour operator in the UK. It offers handpicked, quality accommodation in over
50 great destinations across the Mediterranean and beyond. James Villa
Holidays sells direct to its customers via its website, telephone and
Bluewater store and offers tailor made solutions for all components of a
holiday, including flights, car hire and insurance.

The business benefits from a highly recognised and well
regarded brand built up over time through a combination of TV advertising,
its commitment to hand-select every villa to ensure it offers the best in
each destination and its direct sales model which allows its customers to
benefit from competitive pricing. In recent years James Villa Holidays has
successfully introduced the Best of James, Leisure Resort, James in Florida
and Luxury ranges which have generated strong growth.

Vespa Capital supported the management buy out of James Villa
Holidays in March 2008 when the business was acquired from its eponymous
founder. Since then the business has undertaken continuous operational
improvements which have delivered incremental profits and include areas such
as enhanced internal reporting and analysis, strengthening the management
team, rebalancing the property portfolio and developing the next generation
of revenue growth streams.

James Villa Holidays has delivered exceptional performance
given the difficult trading conditions over the last few years.

Tony Wheble, CEO of James Villas said "From the very start of
our discussions I was impressed at how quickly the Vespa Capital partners
grasped the main issues, opportunities and risks. This rigorous, thoughtful
and dynamic approach helped get the deal done and has proven valuable to the
Board on an ongoing basis. They have been a supportive shareholder and have
provided value from access to both their own and their investors' networks."

Nigel Hammond of Vespa Capital said "We are delighted to have
secured this transaction with Wyndham which has more than doubled our
invested capital and allows James Villas to find a home with a complementary
strategic acquirer. The success of our investment is a testament to the
quality of the brand, the first class management team and the positive
working relationship between the management team and Vespa Capital."

About Vespa Capital

Vespa Capital is a private equity firm that invests in
businesses in the UK and France. Entirely funded by entrepreneurs and its
investing team, it partners with strong management teams and helps them
acquire and develop the businesses they run. The firm's partnership approach,
longer term perspective and commercial and international network supports
portfolio companies to deliver enhanced shareholder value growth.

More details can be found at www.vespacapital.com

About James Villa Holidays

Established in 1984, James Villa Holidays is the leading
specialist villa tour operator in the UK, offering handpicked quality
accommodation across more than 50 destinations at affordable prices. With a
portfolio of approximately 2,300 villas and a one-stop-shop offering for
customers wishing to book all elements of their holiday, the business prides
itself in having a dedicated and specialised team to offer customers the
service expected from a full-service holiday company.

Book your holiday online at www.jamesvillas.co.uk

For more information please contact Nigel Hammond on +44(0)7778-934-580 or nigel at vespacapital.com