The Sunday Times reported Lloyds Banking Group’s private equity arm Lloyds Development Capital (LDC) has hired investment bankers from Rothschild to oversee an auction of Iglu Cruise.
LDC took a minority shareholding in the Wimbledon-based OTA in 2015.
City sources told the newspaper the company’s owner is likely to want to sell the business for a valuation of “about 10 times forward earnings”, potentially around £100 million.
The business’s adjust earnings before interest, tax, depreciation and amortisation (EBITDA) were £8.9m last year.
However, this EBITDA figure included the Iglu’s ski arm.
Founded in 1998, Iglu has grown from a small start-up business to one of the country’s leading digital travel agencies.
Iglu’s website says it offers over six million ski holidays and more than 20,000 cruises, adding: “No matter where you want to go or what you want to do, Iglu makes it easy and stress free with award-winning sales and customer support.”
In response to The Sunday Times report, the company told TTG: “We don’t comment on speculation in the press.
“The business is focused on continued growth in this very busy trading period.
On the back of a record-breaking Black Friday, preparation is well underway for a strong start to 2024 for the leading cruise and ski travel agency.”
It added: “We are looking forward to continuing to deliver exceptional service to our customers, and to supporting our partners, in 2024 and beyond.”
