Luxury Cottages secures “substantial” investment
UK: Premium online travel agency Luxury Cottages has announced that it has secured a “substantial” funding injection from the Midlands Engine Investment Fund [MEIF] West Midlands Equity Fund to bolster its domestic portfolio.
The company said that the investment would help it to increase its portfolio to more than 1,200 properties across the UK and create up to 25 new jobs in a variety of roles, ranging from owner and guest services, to property management, web developer, finance and admin.
Based in Keele in Staffordshire, Luxury Cottages matches guests with luxury holiday properties across the UK, and caters for couples, families and large groups respectively.
It follows the appointment of experienced travel and hospitality consultant, Richard Carrick, as chairman. Carrick previously served as CEO of holiday parks brand Hoseasons and non-executive director at Devon-based Blue Chip Holidays, and has been brought on to facilitate the expansion of Luxury Cottages’ expansion, scale its revenues and diversify its offerings.
Luxury Cottages CEO and founder, Alistair Malins, told Boutique Hotelier: “Richard joins Luxury Cottages as chairman at an inflexion point for the company. Not only have we recently taken on our first institutional funding, but we’re growing at a rapid pace, and adding some stunning properties to our portfolio.
“Richard has peerless experience in this sector, and has helped us navigate through unprecedented times. We’re excited about the next chapter in our journey, and looking forward to seeing what the future holds,” he added.
Meanwhile, Giovanni Finocchio, investment director at Midven, part of the Future Planet Capital Group, which provided the funding, said: “This management team have many years’ experience within this market, and I believe they have the skills to grow this business into a significant organisation that will attract acquirers.”
Established in 2020, Luxury Cottages has grown to have more than 100 properties on its booking platform. Its current portfolio features properties in rural destinations across the country, such as Cornwall, the Cotswolds, Devon, Somerset, Peak District, Yorkshire, Scotland and Wales.