Secret Escapes, the discount luxury travel marketplace, has secured a new £52m round, which will allow it to scale the company’s efforts across Central and Eastern Europe
With the longest heatwave in the UK for decades still going strong, Brits have been making the most of the prime summer holiday conditions on home soil, while others will be on the prowl for overseas expeditions. In any case, it’s good news for Secret Escapes.
The luxury travel deals marketplace has secured a £52m investment from the UK equity team at Old Mutual Global Investors (OMGI), the asset management firm. This is a boon for the total £104m investment Secret Escapes had received until this point since opening its doors seven years ago in 2011, with the new boost topping it up to £156m.
This £52m of capital will supercharge Secret Escapes’ 2017 acquisition of Slevomat Group, a former rival that focused on Central and Eastern European trips, as the London-headquartered travel business continues to merge the Czech enterprise into the wider operations. Secret Escapes will also roll-out other projects, which will include in-house packages for hotels and flights.
Alex Saint, CEO of Secret Escapes, said: “We’re delighted to be joining the likes of The Hut Group and TransferWise in OMGI’s impressive UK small- and mid-cap equity portfolio, as we enter the next exciting stage of Secret Escapes’ growth. The support from OMGI will help us to inspire the world to escape with amazing hand-picked, discounted travel deals and innovative product developments.”
OMGI’s portfolio managers added the investment was an easy decision, as Secret Escapes is such a trusted leader in the travel market with loyalty from customers and clients alike. Indeed, this has allowed the business to now operate in 21 markets across Europe, Asia and the US, serving 50 million customers worldwide – a figure that’s risen from four million in January 2014.
Even though this heatwave sadly won't last forever, it seems as though things at Secret Escapes will remain hot for some time.