Newmarket Holidays chief executive Niel Alobaidi has become a shareholder in the business in a move which will provide new investment to help the operator’s recovery from Covid.
New investment in the business will come from the additional shareholder funds and from bank support following a round of refinancing.
Alobaidi is Newmarket’s first new shareholder since 1984, when Simon Hibbs joined founders Toni Frei and Jeremy Griffin to lead the company for 38 years. The reins were then handed over to Alobaidi, who joined in September 2019 from Emirates Holidays.
The escorted tours specialist said the new funds would help the company manage its recovery from the Covid pandemic and support its future growth.
Shareholders said they believe this will provide confidence and security to all stakeholders in the business.
Hibbs, founder and owner, said: “We are delighted to be joined by Niel as a shareholder. He has demonstrated true leadership since joining the business in September 2019 and has been successfully managing the company through the Covid pandemic.
“In return, he has shown his confidence in the potential of Newmarket Holidays, which comes at a time of recovery and growth. This investment will provide every confidence to our customers, employees and supporting stakeholders alike.”
Alobaidi said: “I am grateful to the three founder-owners of Newmarket Holidays for their trust in me over the last two and a half years. There is a strong connection with all the members of the board, which has developed over a critical two years of steering the business through the pandemic.”
He said the business had emerged in a “strong position” despite the “many challenges faced by the travel industry during the last two years” and attributed that to the “unwavering dedication of our outstanding team”.
He added: “I am excited about the opportunities we now have going forward.”
Hibbs called the new investment “an important step” for the company’s growth and its future and showed the shareholders’ confidence in the company’s
“Niel’s arrival in the shareholder group shows the confidence we have in the robust position of the organisation and our ambitious plans for the future,” he added.