Technology

Holidaycottages.co.uk owner secures financial backing

Posted by Phil Davies on
Holidaycottages.co.uk owner secures financial backing

Holiday lettings agency Travel Chapter has secured unspecified funding to support future growth.

The Bideford-based company owns a number of leading online booking websites including the flagship brand holidaycottages.co.uk.

Santander Corporate & Commercial is providing the additional funding as well as becoming its day-to-day banking partner.

Phoenix Equity Partners invested in the business alongside the management team in April 2016 to support its continued growth in the fragmented UK holiday lettings market.

The company continues to grow rapidly and has just completed its 2017 financial year with revenue growth of 35% on the previous 12 months.

The company, founded by the Morris family in the south-west in 1979, has more than 3,500 properties under management across key tourist destinations across the UK.

Chief executive, James Morris, said: “Travel Chapter continues to grow rapidly across the UK on the back of our proven growth strategy, easy to use websites and digital marketing expertise.

“We focus on delivering the very best service to our customers and property owners alike, which is evidenced by our high customer repeat rates and a loyal owner base.

“We are pleased to be partnering with Santander, whose facilities will enable us to deliver the next stage of our growth.”

Santander Corporate & Commercial structured finance director Saul Proctor said: “We are delighted to be supporting Travel Chapter at this key time in its growth journey.

“Led by a highly experienced management team and with the backing of Phoenix, the firm has a clear business plan and excellent track record of delivering growth on the back of its high quality property portfolio and excellent customer and owner service.”

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