£67m fund raising for On The Beach
On the Beach has raised £67m from shareholders as part of plans to help the package holiday firm emerge stronger from the coronavirus crisis.
On the Beach, is one of the UK's leading online retailers of beach holidays. Founded in 2004 and listed on the London Stock Exchange in 2015, today over 1.8 million customers find, book and enjoy their perfect beach holiday every single year. In 2022, they became the first mainstream holiday company to offer free airport lounge and fast track on all 4* and 5* bookings.
The online package holiday firm said it would be placing up to 19.9% new shares onto the market, for current and new corporate investors to snap up, as it added airspace being closed until the end of September has “become increasingly plausible”.
The company added it expects to take a hit of £35 million from cancelled bookings, as it processes refunds – although this will be classed as a “material exceptional charge” in accounts.
A ring-fenced trust account for customer funds, helps to differentiate On the Beach from its competitors and has stood us apart when providing customers the refunds they are entitled to in these difficult times
It adds to the £50 million facility recently renegotiated until December 2023.
Rothschild & Co advised on this transaction. For further detail please contact Jamie Hutton.