Online travel firm raises £33m in share sale

Stephen Chapman's picture
by Stephen Chapman

Cheadle-based online travel company, On The Beach, has raised £33.6.m through a share sale.

It follows yesterday’s move to place 12.5m ordinary shares, which equates to around 9.6% of the company. However, due to demand, they increased the size of the placing to 14m at a price of 240p per share.

Following the sale, private equity firm, Inflexion will hold 30.7m ordinary shares (23.5%) and the management sellers, made up of Hawksford Trustees Jersey Limited (as trustees of the Sule Cooper 2014 Settlement on behalf of the family of Simon Cooper), Wendy Parry, Jonathan Smith, Alistair Daly, William Allen and Oliver Garner will hold 19.7m shares (15.1%)

In October, the group said that it had had an “unprecedented year”, with revenue up 12% to £70m