Secret Escapes hires bankers to explore sale - report

(Sharecast News) - Online travel platform Secret Escapes has reportedly hired bankers to explore a sale nearly 15 years after its launch. According to Sky News, Secret Escapes has appointed the investment bank Arma Partners to oversee an auction of the company.

Sources close to a number of potential bidders told Sky on Monday that the process was expected to lead to new ownership in the coming months.

Member-only Secret Escapes has been backed by a string of prominent investors, including the Singaporean sovereign wealth fund Temasek and London-listed technology investor Chrysalis.

In total, it has raised hundreds of millions of pounds in debt and equity since it was founded in 2011.

It secured roughly £40m during the Covid-19 crisis to shore up its balance sheet, having previously secured more than £100m in backing since its launch.

In its last financial year, it completed a £32m equity raise with the backing of existing shareholders and lenders, and debt refinancing extending term debt to July 2028

The company owns travel brands operating across Europe including Secret Escapes, Travelist, and Slevomat, which trades in eastern Europe.

Sky said it was unclear whether any potential bidders were in serious talks yet about a deal.