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New dotcom, youtravel, gears up for launch with acquisitions and investment
Soon to be launched dotcom start-up youtravel.com has secured investment from Barclays Ventures and has acquired Qwerty Travel.
Barclays Ventures has purchased a “significant minority” stake in the business in a deal worth over £15 million.
Director Khilan Dodhia said: “youtravel.com represents an exciting opportunity for us. The management team has a proven track record in this growing sector of the market and the youtravel.com business model is exceptional.
“We expect to see dynamic packaging continue to grow in the UK and across Europe. youtravel.com will become a major player.”
Youtravel CEO John Kent and recently appointed Paul Riches, UK sales and marketing director, plan to launch the company before the end of October.
This week, it completed the purchase of Qwerty Travel. Qwerty’s founder and managing director, Matt Sommers and Matthew Todd, head of sales, are joining youtravel, along with 30 call centre staff.
Kent explained: “Qwerty Travel will continue as a stand-alone operation, but we will share synergies in terms of operation and resource.”
Youtravel.com is opening offices this week in Milan, Trieste, and London, while offices in Moscow will follow shortly.
A team of 15 is being recruited for London and will be announced over the coming weeks, including two dedicated sales managers. Further acquisitions are likely.
Youtravel.com is a resort accommodation-only bed bank offering online access to hotels and resorts around the Mediterranean and other worldwide destinations.
Riches, former Libra Holidays sales and marketing director, said: “The trade is critical to our business plan. We will offer motivating commissions/incentives and with our unique, simple, easy to use system, we can offer agents access to some of the best hotels and resorts in popular destinations around the world. We expect to see over 85% of business come from the trade.”
youtravel.com features over 2,500 hotels from winter sun destinations around the Mediterranean, Dubai and the Spanish Caribbean.
The company plans to secure a further 1,500 properties within six months.
Kent added: “We have the foundations in place, to quickly achieve our vision and become a major online accommodation retailer in Europe.
“We are targeting a turnover of £45million by the end of year one.”
By Bev Fearis
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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