Iglu backer seeks to sell stake

Iglu backer seeks to sell stake

A new backer is being sought for online ski and cruise specialist Iglu to help it expand overseas.

Main venture capital backer Matrix Private Equity, which bought into the company in 2009, has decide to sell after receiving approaches, the Sunday Times reported.

A corporate finance firm has been hired to find a buyer for its significant minority stake.

Iqlu, set up by Richard Downs in 1998 during the final year of his MBA at London Business School, is reportedly expecting sales of around £90 million this year.

Downs, who intends to retain his share of the company, is hoping a new backer will support overseas expansion. He is quoted as saying: “For Matrix, it is a good time to take some money off the table and for us to go on with a new partner.”

The company website says: “It is a financially secure company and carries no debt on its balance sheet.

“Iglu has attracted venture backing from Sussex Place Ventures (the investment arm of London Business School), Barclays Ventures and Matrix Partners."

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