Luxurycottages.com secures £500k as it seeks continued growth
High-end holiday rental provider luxurycottages.com has received financial backing worth £500,000 to support the continued growth of the business.
Founded in 2019, the Birmingham-headquartered company will get a funding boost from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
The funds will be used to build an increased presence across the UK with luxury experts in each major tourist area, creating 24 jobs over the next three years as the holiday market goes through resurgence, with experts predicting 35.1 million visits to the UK in 2023 -18% higher than in 2022.
This latest investment from FSE follows more than £1m in equity funding previously raised from Midven, a venture capital firm based in the heart of Birmingham, also through the MEIF.
Alistair Malins, Luxury Cottages CEO, said: “Over the last three years of challenging market conditions, we’ve built a strong brand position and a reputation for excellent customer service. Off the back of this, we expect to more than double in size this year.
“With our focus on the premium end of the market, we anticipate continued high demand for holidays and are delighted to have received further backing from the MEIF, which will allow us to expand our team and make the most of buoyant market conditions.”
The UK holiday market continues to go from strength to strength and, with a forecast spend of £25.9m in 2023, figures have now risen above levels last seen pre-pandemic.
Ryan Cartwright, Investment Manager at The FSE Group, commented: “This is a truly exciting time for Luxury Cottages as the rise in popularity of “staycations” continues to boost the sector. The current team has a proven track record of success and the forthcoming new hires will bolster the company’s dynamic and determined ethos. We’re delighted to be working with Alistair and his team and very much look forward to joining them on their growth journey.”