Online travel operator in Chester raises £3.7m in funding and adds senior appointment
Chester-headquartered online travel operator Travcorp Holdings has secured £3.7m in equity funding led by growth capital investor BGF.
The travel company specialises in packaged holidays and hotels through its consumer brands, Destination2 and HolidayGems, and with BGF’s backing will be supported by a significant co-investment in its management team.
The investment will be used to support the company with its recruitment plans and enable the business to continue with its investment in technology, marketing and targeting new destinations.
The deal was led by investors in BGF’s North West team, Harry Jones and Spencer Woods. Woods will join the board as part of the deal.
The travel company has also appointed Andrew Shapin to the board as Non-Executive Director who joins with experience as the founder of The Cotswold Company and CEO of Long Tall Sally.
Andrew Shapin has been appointed to the board as Non-Executive Director, bringing significant expertise in direct-to-consumer digital brands from his tenures as the founder of The Cotswold Company and as CEO of womenswear brand Long Tall Sally.
Commenting on the deal, Andrew Botterill, Executive Chairman of Travcorp, said: “With BGF’s support as a long-term investor, we believe we will be perfectly placed to capitalise on pent-up demand and accelerate our expected growth for the rest of 2021 and beyond.”
“The team’s commitment to co-invest alongside BGF demonstrates their confidence in the recovery of the sector and belief in the scale of the business’s potential. With strong demand for travel from consumers, driven by higher levels of savings and a robust UK economic recovery, well-capitalised companies such as Travcorp will be ideally positioned to take significant market share.”