Iglu 'focused on 2024 and beyond' despite cruise sale report
Online cruise and ski travel agency Iglu.com insists the business is focused on “continued growth” and operating “in 2024 and beyond” despite a newspaper report saying its cruise business had been put up for sale.
The Sunday Times reported Lloyds Banking Group’s private equity arm Lloyds Development Capital (LDC) has hired investment bankers from Rothschild to oversee an auction of Iglu Cruise.
LDC took a minority shareholding in the Wimbledon-based OTA in 2015.
City sources told the newspaper the company’s owner is likely to want to sell the business for a valuation of “about 10 times forward earnings”, potentially around £100 million.
The business’s adjust earnings before interest, tax, depreciation and amortisation (EBITDA) were £8.9m last year.
However, this EBITDA figure included the Iglu’s ski arm.
Founded in 1998, Iglu has grown from a small start-up business to one of the country’s leading digital travel agencies.
Iglu’s website says it offers over six million ski holidays and more than 20,000 cruises, adding: “No matter where you want to go or what you want to do, Iglu makes it easy and stress free with award-winning sales and customer support.”
In response to The Sunday Times report, the company told TTG: “We don’t comment on speculation in the press.
“The business is focused on continued growth in this very busy trading period.
On the back of a record-breaking Black Friday, preparation is well underway for a strong start to 2024 for the leading cruise and ski travel agency.”
It added: “We are looking forward to continuing to deliver exceptional service to our customers, and to supporting our partners, in 2024 and beyond.”
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