9 July 2018
NorthEdge Capital has announced the close of NorthEdge Capital SME Fund I, LP (“SME Fund I”, “the Fund”) at its £120 million hard cap. The Fund was raised from existing investors and enables the firm to broaden its ability to take advantage of attractive investment opportunities in the U.K. regional lower mid-market.Find out more
ITC Luxury Travel is one of the UK’s largest independent luxury tour operators.
Specialising in luxury, tailor made holidays worldwide since 1974, Chester-based ITC Luxury Travel has a team of 60 travel specialists with an outstanding reputation for customer service. The business, which was the first travel company to charter Concorde, is on track to make 13,000 bookings in 2016 and is expected to carry 32,000 passengers to 106 countries across the globe.
ITC Luxury Travel has demonstrated its ability to expand both organically and through acquisition. The company reported turnover of £80m in the year to April 2016 – up from £43m in 2013 – aided by the acquisition of Western and Oriental Travel Ltd in June 2015, which expanded the core luxury beach offering and developed Group-wide expertise in experiential holidays.
The firm has invested for a majority stake to support CEO Jen Atkinson and her senior team to deliver on planned investment in IT, management, staff, product and customer service.
NorthEdge Partner Ray Stenton led the deal, with support from Investment Director Phil Frame and Investment Manager George Potts. Stenton said: “ITC has a clear growth strategy and has already demonstrated its ability to expand both organically and through acquisition. Jen has done a superb job in doubling profitability and getting the company to where it is today. We look forward to working with her and the rest of the management team in delivering the next stage of the company’s development.”
Jen Atkinson, CEO at ITC, added: “We’re delighted to have NorthEdge on board as a partner as we look to increase market share in the luxury travel space. The investment from NorthEdge will allow us to invest in the training and development of our sales teams, as well as developing our IT infrastructure to ensure we can continue to deliver exceptional experiences and market leading service to our customers. We will also be looking to broaden our product offering beyond our current luxury and tailor made proposition. Our customers demand unique experiences in the world’s most exclusive destinations with a first class service.”