Private equity group, Bestport Ventures, has acquired a 33% stake in specialist hotel and conference booking agent Hotelscene.
In a leveraged re-capitalisation of the business, Bestport has made the investment with further funds provided by the management and by HSBC.
The current management team will remain in place with Chris Needham responsible for business strategy as well as some key accounts.
Nick Foot remains as managing director responsible for all day-to-day activities and Ian Hamilton, previously a non-executive director, takes on an executive role as finance director.
Ole Bettum, managing partner of Bestport Ventures, said: “Hotelscene is a highly professional and innovative provider of travel booking services to corporate customers looking to increase compliance with corporate travel policy and reduce costs.
“We are delighted to lead this re-capitalisation, which will facilitate a re-alignment of shareholder interests and ensure the continued rapid growth of the company.”
Hotelscene managing director Nick Foot added: “We were looking for an equity partner with solid sector experience and a collegiate, entrepreneurial approach and, as such, we are extremely pleased to be partnering with Bestport.”
By Bev Fearis
