The PwC UK Retail, Consumer and Leisure Corporate Finance team is pleased to announce the completion of the sale of loveholidays, the tech-enabled online travel agent and short-haul beach holiday provider to Livingbridge, a leading UK mid-market private equity fund with significant travel sector experience.
loveholidays is the fastest growing online travel agent and 6th largest ATOL holder in the UK. Founded by Alex Francis and Jonny Marsh in 2012 and now a team of 140, loveholidays allows customers to create bespoke holidays through ‘discovery search’ inspiring customers to filter by the attributes that matter to them, rather than requiring them to start with where and when.
Livingbridge’s investment will be used to fuel further growth through customer acquisition and driving repeat booking rates. Alongside this, Livingbridge will look to work with the business to support further product innovation as well as category expansion.
The investment comes at a time when UK holiday spend continues to grow, with outbound travel maintaining a c.70% share of total spend, and online dynamic packaged holidays accounting for £3bn of holiday spend in 2017.
PwC CF acted as sellside financial advisor to loveholidays. The PwC team consisted of Rick Jones, Malcolm Wren, Charlie Graham, Mark Deed and Charlotte Astleford.
"The PwC team has been fantastic to work with throughout this transaction. Their deep knowledge and understanding of both the travel sector and buyer communities has played an important role in delivering this outcome. It is with great pleasure that we welcome Livingbridge to the team at loveholidays. This is an exciting time for the business and we look forward to working with them as we begin this next chapter."
"The PwC team were instrumental in delivering a tremendous outcome for shareholders, rewarding them for supporting the business through this phase of its growth journey."
“We are delighted to have helped the management team and shareholders achieve a great outcome. loveholidays has undergone a phenomenal growth journey to date and we are excited to see it continue with Livingbridge's support. This is a landmark transaction for PwC and further evidences our expertise within the travel and technology sectors.”