Online travel agency Luxury Cottages said it can create up to 25 new jobs after securing a “substantial investment”.
The cash injection is from the Midlands Engine Investment Fund (MEIF) West Midlands Equity Fund, managed by Midven, part of the Future Planet Capital Group.
It will help increase Luxury Cottages’ portfolio to more than 1,200 properties across the UK and create up to 25 new jobs – in owner and guest services and property management, plus web developer, finance and admin roles.
The investment follows the appointment earlier this year of Richard Carrick as chairman, whose experience includes roles as Hoseasons’ chief executive and non-executive director at Blue Chip Holidays.
Launched in 2020, Staffordshire-based Luxury Cottages matches guests with luxury stays across the UK, catering for large groups, couples and families.
It currently has more than 100 properties on its booking platform and employs 10 people.
Luxury Cottages was founded by Alistair Malins, a former lawyer and investment banking professional, and Michelle Sephton, former managing director of Elegant Resorts.
Giovanni Finocchio, investment director at Midven, said there is a “significant opportunity” for Luxury Cottages to grow “particularly after consumers have sampled staycations over the last 18 months because of Covid restrictions”.
“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,” he said.
Malins, chief executive and co-founder at Luxury Cottages, said: “This investment enables us to expand our operations into new areas including the Cotswolds, Yorkshire, Wales, Devon, and Cornwall.”