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Holiday price comparison website in management buyout
Holiday price comparison website Icelolly has completed a £17 million management buyout led by chief executive officer Dave Clayton.
The Bradford-based company said the buyout, backed by Palatine Private Equity, would allow it to continue to invest in its online network and infrastructure.
Palatine partner Andy Lees and investment director Beth Houghton led the deal and will both join the Icelolly board as non-executive directors.
Chris Allen, the former chief executive officer and chairman of LateRooms, has joined the business as non-executive chairman.
Lees said: "The travel sector was an early adopter of ecommerce with more consumers researching online to find the best deals for their holidays.
"Icelolly is a fantastic business with a strong and vibrant brand identity offering excellent value to its customers. We are really pleased to be joining the team and supporting the business through its next stage of growth."
Clayton added: "Icelolly.com had 28 million visitors last year, and the brand has quickly become a household name for great value holidays.
"We have spent the last three months getting to know Palatine, and they share the same vision for the future as our very experienced management team. I am delighted they have decided to invest in what promises to be a very exciting chapter in the company’s development.
"The company has exciting plans to add content and functionality to the site, and is planning to move to new offices to accommodate plans for growth."
Founders Adrian Walton and Lesley Etienne who are both exiting the business said in a joint statement: "The last 8 years since we launched Icelolly.com have flown, and we have enjoyed some great times along the way.
"We have worked with some fantastic people, and we are confident that Dave Clayton, the management team and Palatine private equity will steer the company where it needs to go."
The Icelolly.com holiday price comparison website, founded in 2005, offers around 40 million holiday packages from over 50 UK-based tour operators. The business also trades as an online travel agent via a series of brands, as well as selling advertising space via its site traffic and email database.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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