Founded in 2015 by chief executive Nena Chaletzos, Luxtripper announced on Thursday (19 October) it had engaged restructuring specialist ReSolve Advisory to explore “rapid options to seek emergency rescue capital” via a sale or accelerated merger and acquisition.

Rescue investors or buyers have been asked to submit offers by Monday (23 October) at the latest, with the aim of completing a transaction by Friday (27 October).

Luxtripper, which was placed 19th in The Sunday Times’ 100 fastest-growing private companies earlier this year, said the process was an attempt to preserve the business as a going concern and secure the jobs of its employees.

The company said the decision had come following “months of active fundraising attempts” during which it claimed a number of funding options had been unsuccessful due to the “exceptionally challenging economic environment”.

“Over the past 24 hours, alongside our efforts to assist ReSolve with a rescue solution, our primary concern has always been our employees and our customers. Currently, all employee contracts remain in place throughout this rescue process and we have issued detailed communications to employees outlining the current situation. The company is also separately issuing communications to suppliers and customers enquiring about the status of orders and bookings,” said Luxtripper.

Chaletzos said: “We are hugely saddened that despite our best efforts, to date, we were unable to secure adequate funding to help the business during this challenging time. However, we remain confident that with the help of ReSolve, we can achieve a positive solution. We hope to update the market in the coming weeks so I would ask all staff, customers and suppliers to remain patient while this accelerated M&A process is under way.”