Luxury Cottages secures £500k investment to drive growth
UK: Keele-based premium online travel agency Luxury Cottages has announced that it has secured £500,000 in investment to drive future growth.
The high-end cottage rental provider has received funding from the Midlands Engine Investment Fund [MEIF], provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
Luxury Cottages previously raised over £1 million in equity from venture capital firm Midven through the MEIF in November 2021 – a financial injection described at the time as “substantial”.
Founded four years ago, the company will use the investment to add luxury experts in popular tourism destinations across the UK and to create 24 jobs in the next three years as it looks to fulfil the anticipated demand for domestic travel.
Luxury Cottages CEO Alistair Malins said: “Over the last three years of challenging market conditions, we’ve built a strong brand position and a reputation for excellent customer service. Off the back of this we expect to more than double in size this year.
“With our focus on the premium end of the market we anticipate continued high demand for holidays and are delighted to have received further backing from the MEIF, which will allow us to expand our team and make the most of buoyant market conditions,” he added.
Ryan Cartwright, investment manager at The FSE Group, said: “This is a truly exciting time for Luxury Cottages as the rise in popularity of ‘staycations’ continues to boost the sector. The current team has a proven track record of success and the forthcoming new hires will bolster the company’s dynamic and determined ethos.
“We’re delighted to be working with Alistair and his team and very much look forward to joining them on their growth journey,” he added.
The investment comes as £25.9 million is forecast to be spent in the UK holiday market this year – a rise on pre-pandemic levels.
