Online travel group Secret Escapes seeks getaway with new owner

3 weeks ago 9

Secret Escapes, the online question platform, has hired bankers to research a merchantability astir 15 years aft its launch.

Sky News has learnt that Secret Escapes has appointed the concern slope Arma Partners to oversee an auction of the company.

Sources adjacent to a fig of imaginable bidders said connected Monday that the process was expected to pb to caller ownership successful the coming months.

Money latest: Soldier reveals fiscal benefits of the army

Member-only Secret Escapes has been backed by a drawstring of salient investors, including the Singaporean sovereign wealthiness money Temasek and London-listed exertion capitalist Chrysalis.

In total, it has raised hundreds of millions of pounds successful indebtedness and equity since it was founded successful 2011.

It secured astir £40m during the COVID-19 situation to enactment up its equilibrium sheet, having antecedently secured much than £100m successful backing since its launch.

In its past fiscal year, it completed a £32m equity rise with the backing of existing shareholders and lenders, and indebtedness refinancing extending word indebtedness to July 2028

The institution owns question brands operating crossed Europe including Secret Escapes, Travelist, and Slevomat, which trades successful eastbound Europe.

Read much from Sky News:
Melania Trump launches ain cryptocurrency
Reeves to conscionable with US financiers

It was unclear whether immoderate imaginable bidders were successful superior talks yet astir a deal.

Last year's accounts filed astatine Companies House showed that it saw gross bookings summation by 19% to £523.8m, with its currency position, operating nett and gross each importantly stronger than a twelvemonth earlier.

A spokesperson for Secret Escapes declined to comment.

Read Entire Article