TravelSupermarket and Icelolly seal merger

The brands are now Ice Travel Group, with former Icelolly chief executive Richard Singer becoming chief executive of the combined business.

Both brands will be retained within the new group, with MoneySupermarket Group the major shareholder. Palatine Private Equity and management, which has been involved with Icelolly for several years, holds a minority interest.

Singer said: “The deal is well-timed. Many people have not been able to get away for a long time, but recently, holidaymakers from the UK have been steadily returning to the beaches and cities in Europe.

“Outbound demand is at last coming back and bookings are increasing for this and next year. I am thrilled to be leading the team at Ice Travel Group and look forward to developing the two brands as the travel industry recovers.”

TravelSupermarket was founded in 2004 and is based in London and Ewloe, Wales. Icelolly, a travel intermediary specialising in package holiday comparison and deals, was founded in 2005 and is based in Leeds.

In May, the two said the deal would not involve any cash changing hands, with Moneysupermarket taking a 62% stake in the new standalone company and the other 38% being held by Icelolly’s owner Palatine Private Equity and the company’s management team.

The combined revenue for the two travel comparison sites was £30 million in 2019, although this was “significantly impacted” by the pandemic in 2020.