Luxurious journey agency Secret Escapes snaps up failed rival Laterooms

Luxurious journey company Secret Escapes has snapped up a part of collapsed rival Laterooms because it booked a 66 per cent enhance in gross sales for the 12 months.

Learn extra: Thomas Cook: Travel giant collapsed with a £3.1bn balance sheet deficit

The London-headquartered firm, which affords offers on holidays and accommodations for its members, has acquired the reserving web site’s mental property after its collapse final month.

Secret Escapes has additionally established a presence in Eire following the acquisition of journey rewards web site, the Sunday Instances reported.

It got here as the corporate posted income of £121.2m in 2018, up from £73.2m the earlier 12 months. The agency narrowed its loss from £14.2m to £10m.

Secret Escapes was launched within the UK in 2011 by co-founder Alex Saint with the aim of offering low-cost offers on luxurious holidays, whereas additionally serving to accommodations to fill empty rooms.

The corporate final 12 months secured £52m from Merian International Traders, a serious tech investor whose bets embody Transferwise and The Hut Group. Secret Escapes has beforehand obtained backing from Google Ventures and Singapore-based tech investor Temasek.

Learn extra: Saga profits slump as travel business wanes

Earlier this month Secret Escapes appointed Andy Botha, former finance director of Zoopla, as its first chief monetary officer, in an indication the agency may very well be gearing up for an additional fundraising spherical or an preliminary public providing.

Foremost picture credit score: Getty

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