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Secret Escapes ‘tipped for £40m cash injection’

Luxury travel deals brand Secret Escapes is being tipped for a £40 million equity injection to help see it though the coronavirus crisis.

The new equity is expected to be provided by investors including Merian Chrysalis, the technology company backer which holds stakes in Starling Bank and TransferWise, and Octopus Investments, a prolific shareholder in UK growth companies, Sky News reported.

Singaporean sovereign wealth fund Temasek Holdings is also an investor.

The firm was reported to be in advanced talks and a deal could be concluded as early as this week.

Secret Escapes declined to comment.

The company last year secured £52 million from Merian and has previously received backing from Google Ventures.

Secret Escapes was established in the UK in 2011 by co-founder Alex Saint to provide cheap deals on luxury holidays, while also helping hotels to fill empty rooms.

Former WH Smith chief executive Kate Swann was recruited last year as chairman.

Secret Escapes trades under brands including Travel Bird across Europe, with national brands including Travelist in Poland and Slevomat in the Czech Republic.

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