Online ski and cruise business Iglu.com has agreed a £2.5 million cash flow facility from Barclays Corporate.
The facility has enabled the company, established in 1998, to pay off a five year loan from Matrix Private Equity four years early and cut interest payments.
It means the £75 million turnover business is now debt free and has the flexibility to consider expansion opportunities should they arise, according to chief executive Richard Downs.
The deal was arranged by Jonathan Haseler, relationship director, and Mike Saul, head of hospitality, at Barclays Corporate.
Haseler said: “We have supported Iglu from its inception and seen it grow to become the UK’s largest on-line ski and cruise retailer and are delighted to have been able to continue the partnership to secure this recent facility. We remain focused on our travel industry specialism and this deal represents our continued commitment to providing funding to companies that are able to demonstrate long term potential.”
Downs added: “The new finance facility is effectively a stand by facility which gives us the confidence to redeem our long term debt early and enables management to completely focus on its ongoing organic growth. Indeed, the support and professionalism shown from Barclays Corporate since we started our business has been a vital platform to enable us to achieve our growth.”