Cash injection set to accelerate 'One A&K' strategy and expansion
April HutchinsonAbercrombie & Kent Travel Group (AKTG) has secured $500 million in funding to continue its global expansion of the Abercrombie & Kent travel business.
The funding comes as the company continues on its mission to unify all elements of the businesses under the ‘One A&K’ strategy.
The financing will help accelerate elements such as investment in its back-office systems and digital infrastructure.
Among the plans are a new Abercrombie & Kent global website, CRM platform, centralised booking system and travel advisor portal.
The expansion also includes further investment in expanding AKTG’s owned assets around the world, such as Destination Management Companies (DMCs) and its range of camps, lodges, and riverboats in existing and new markets.
A new riverboat will launch in Peru next year, joining the company’s current fleet of four riverboats in Egypt, and three expedition yachts in the Galapagos under the Ecoventura brand. There are currently 12 camps and lodges in Africa, with a new one due to open next year in Kenya.
New DMCs are planned in Mexico and Indonesia this year, in addition to Abercrombie & Kent’s existing 56 offices in 34 countries.
The facility has been underwritten by Citi and enables the company to restructure existing legacy financing arrangements, consolidating them and achieving improved lending terms.
“This deal cements another milestone in the over 30-year relationship between my family and Citi,” said Manfredi Lefebvre d’Ovidio, AKTG executive chairman. “It is a partnership that has helped build businesses and generate growth all around the world. I am excited about this next chapter together and the possibilities it unlocks for Abercrombie & Kent.”
“Once again Citi has shown to us their support reconfirming that they believe in our vision and in the enormous growth potential of Abercrombie & Kent, Crystal and Cox and Kings,” added AKTG’s CEO Cristina Levis.
AKTG recently moved to a new London premises on the Strand, as its UK team continues to expand, while Crystal has just committed to expanding support services for travel advisors and launched a new online booking system.
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April Hutchinson
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
