Holiday rental agency Luxury Cottages is to create up to 25 new jobs after securing a “substantial investment”.
The cash injection, from the Midlands Engine Investment Fund (MEIF) West Midlands Equity Fund, managed by Midven, part of the Future Planet Capital Group, comes as the company reveals it is keen to work with high-end travel agencies.
The funding will help increase Luxury Cottages’ portfolio to more than 1,200 properties across the UK and create up to 25 new jobs – in owner and guest services and property management, plus web developer, finance and admin roles.
The investment follows the appointment earlier this year of Richard Carrick as chairman, whose experience includes roles as Hoseasons’ chief executive and non-executive director at Blue Chip Holidays.
Carrick confirmed the company wanted to work with the trade as it expanded.
He said: “The luxury market is extremely buoyant at the moment and a quality UK break is very much in the mindset of this type of holidaymaker.
“We’re interested in partnerships with luxury travel agents who should be able to sell holidays to top quality UK properties, as an additional break alongside their overseas holidays, to their more affluent customers.”
Launched in 2020, Staffordshire-based Luxury Cottages matches guests with luxury stays across the UK, catering for large groups, couples and families.
It currently has more than 100 properties on its booking platform and employs 10 people.
Luxury Cottages was founded by Alistair Malins, a former lawyer and investment banking professional, and Michelle Sephton, former managing director of Elegant Resorts.
Giovanni Finocchio, investment director at Midven, said there is a “significant opportunity” for Luxury Cottages to grow “particularly after consumers have sampled staycations over the last 18 months because of Covid restrictions”.
“This management team have many years’ experience within this market, and I believe they have the skills to grow this business into a significant organisation that will attract acquirers,” he said.
Malins said: “This investment enables us to expand our operations into new areas including the Cotswolds, Yorkshire, Wales, Devon, and Cornwall.”