NVM Private Equity backs management buyout of No.1 Traveller with £7M investment
The management buyout of airport hospitality specialist No. 1 Traveller was supported by UK-based generalist investor NVM Private Equity with funding amounting to £7 million, a statement about the investment said.
NVM will also be giving development capital to No. 1 Traveller to help give development capital so that the airport hospitality specialist will be able to fund a fresh pipeline of opportunities for airport lounges. With the new funding, No. 1 Traveller will be able to build four new airside lounge facilities and will consequently be able to serve more than 50 million annually, the statement said.
No. 1 Traveller Managing Director Phil Cameron said in the statement, "We are delighted to be starting the next step of our business growth with NVM. In its first five years No.1 has established great new ways of catching a flight. For many, the airport experience is now a key element of a holiday or business trip, not just part of the journey, so there are big opportunities ahead of us. We look forward to launching new lounges and products in the near future, further strengthening our brand and global reach."
Established in 2006 by Phil Cameron, the British entrepreneur, award-winning theater producer and avid traveler, No. 1 Traveller now has five airport lounges found in Heathrow Terminal 3, Gatwick North Terminal, Gatwick South Terminal, Stansted and Birmingham, the statement said.
The lounges features a bistro, bar that serves complimentary food and drinks, work spaces for busy executives, family and entertainment areas, WiFi and reading materials like magazines and newspapers. The lounges at Heathrow and Gatwick feature travel spas. The lounges also offer other services like airport transfers in vehicles driven by chauffeurs, security fast-track, express trains and VIP Departure & Arrival Services, the statement said.
For three years in a row, No. 1 Traveller has expanded and was able to generate a turnover of £10.5 million last year, the statement said.