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RBS targets travel agents
RBS has said it’s keen to work with more travel agents as it announces its £7.5 million funding of ski and cruise agent, Iglu.com.
The bank, which has been present in the travel sector for several years, has applied a strong focus over the last 9-12 months, and is also working on another couple of deals, which are at a confidential stage.
Katherine Jeffrey, leisure and travel director, consumer industries at RBS, said: "We’re absolutely interested in the travel sector. We’ve been looking at the sector for the last 9-12 months and are keen to make ourselves more visible.
"We hope this will be the first of many.
"We are a long term relationship bank and already look after a number of travel agents."
She added that, like Iglu.com where staff have specialist knowledge, travel agents need to have a value-added service offering.
Jeffrey said: "With Iglu.com, it’s harking back to the retail outlet model but it has been captured in a call centre. These guys have been on these trips and can give consumers the details they want. There is longevity in this business model."
RBS would also consider working alongside other banks at the larger end of the travel market.
Iglu.com has secured £7.5million in funding from RBS to refinance their existing bank and shareholder debt with GCP and to provide working capital.
Iglu will also be switching all of its operational banking, including payments and payroll, to the bank.
Neil Parry, sector head consumer industries at RBS said: "This refinance means the company is now in a great position to grow and we are delighted to be able to support them in this future growth."
Richard Downs CEO at Iglu said: "We have known the management team at RBS for over 15 years now and have seen how committed they are to the sector and we at Iglu, are very excited about developing this relationship further."
Diane
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