Private equity investor Stone Ventures has bought singles specialist Solos Holidays for an undisclosed sum.
The move gives the operator access to £1 million in growth capital to fund its expansion plans. Stone Ventures already owns travel brands including Long Travel and Completely Croatia, both tour operators focusing on the over 50s couples market. It has previously invested in Ski Solutions, If You Ski and Cycling for Softies.
Solos sends away on average 11,000 clients a year, mainly on escorted tours. It also operates a number of dedicated properties for the singles market through its Club Solos brand, and has plans to expand these next year.
It will continue to operate under the existing management team.
Managing director Andrew Williams said: “Solos Holidays has led the singles holiday market for many years and been pivotal to introducing new products and formats for the market. The singles market is seeing strong growth and we look forward to capitalising on this with our new investment.”
He added: “We are looking forward to expanding our Club Solos offering and introducing more tours but more excitingly we will be introducing new marketing channels for 2020. We already achieve some of the highest repeat booking rates in the market and great customer reviews underpin everything we do.”
Stewart Baird, chief executive, Stone Ventures, said: “This is a really exciting investment for us. Over one third of the population are single, with nearly 15% divorced or widowed. Being single or unable to travel with a partner shouldn’t stop anyone enjoying travel and Solos has been at forefront of this market for over 35 years. We’ve been really impressed by the team at Solos and are thrilled to be supporting them into this next chapter.”
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