Secret Escapes set to receive £40m funding to ensure pandemic survival
Online travel company Secret Escapes is set to receive a £40m cash injection that will ensure that the group can survive the impact of the coronavirus outbreak.
Secret Escapes is in advanced talks with its existing shareholders, and a deal could be concluded this week. The funding will hopefully secure the company’s 1,000 employees.
The new funding will be provided by investors including Merian Chrysalis – a technology company backer which holds stakes in Starling Bank and TransferWise. Two of the other international investors are rumoured to be Octopus Investments and Temasek Holdings.
Last year, Secret Escapes reported a rise in revenue to £101.3m and it now has more than 65 million members.
Secret Escapes has yet to comment on the funding.