The Voyages of Discovery business was established in 1994 to supply educational cruises to school children. In 1997 the business was acquired by All Leisure Group and adult cruises were introduced.

From 1997 to 2001 the Group operated the Voyages of Discovery business as a supplier of cruises around the eastern Mediterranean and Red Sea, for both school children and adults. In 2001 the Group risk began offering cruises around Northern Europe and Scandinavia.

During summer 2002, the Group operated these tours through the short term hire (generally of up to a seven week period in each case) of different cruise ships.  In late 2002 the Group signed a five year lease for Discovery for use during the summer season of May to November commencing May 2003.

In May 2005, as a result of the owner having received an offer to purchase the ship from a third party, the Group completed the acquisition of Discovery. The acquisition included the winter cruise business that the previous owners of Discovery had been operating and included a sales office in Fort Lauderdale, Florida.

The Company, through its subsidiary All Leisure Holidays, has three main business divisions, Voyages of Discovery, Swan Hellenic and Discover Egypt. In the year ended 31 October 2006, the Voyages of Discovery business contributed approximately £35.1 million of the Company's total revenue of £47.4 million and the Discover Egypt business contributed approximately £11.5 million.