Iglu.com considers expansion
Tuesday, February 7, 2012
UK ski and cruise specialists Iglu.com have this week secured £2.5m in funding which will help them to expand their operation.
Although not yet a household name, Iglu.com are a fast growing online travel company, specialising in ski and snowboarding holidays, as well as cruises, villa breaks and tropical getaways. They’ve so far chosen to remain small, relying on organic growth and word of mouth to do business.
Time to grow
Today however, they’ve announced the decision to accept a £2.5m cash injection from Barclays Corporate to help them consolidate growth and plan expansion into other markets. The cash flow facility has enabled them to pay off outstanding debts and cut interest payments, freeing them up to move forward.
The deal was arranged for Iglu by Jonathan Haseler, Relationship Director, and Mike Saul, Head of Hospitality, at Barclays Corporate.
Long term potential
Haseler said: “We have supported Iglu from its inception and seen it grow to become the UK’s largest online ski and cruise retailer and are delighted to have been able to continue the partnership to secure this recent facility.”
“We remain focused on our travel industry specialism and this deal represents our continued commitment to providing funding to companies that are able to demonstrate long term potential.”
Iglu.com’s Chief Executive Richard Downs added:
“The new finance facility is effectively a stand by facility which gives us the confidence to redeem our long term debt early and enables management to completely focus on its ongoing organic growth.”
“Indeed, the support and professionalism shown from Barclays Corporate since we started our business has been a vital platform to enable us to achieve our growth.”
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