Investment will support significant growth plans throughout 2014 and beyond.
NVM Private Equity (NVM) has supported the management buy-out of the 2013/14 CoolBrand No.1 Traveller, with £7 million of funding. As a part of the investment package, NVM will provide development capital to finance a pipeline of new airport lounge opportunities and product innovations.
The premium airport hospitality specialist delivers a range of pre-flight services including award-winning airport lounges located at Heathrow Terminal 3, Gatwick North & South Terminals, Stansted and Birmingham as well as a full ‘Driveway to Runway’ experience, including chauffeur-driven airport transfers, airport parking, security fast-track and VIP Departure & Arrival Service.
The business was founded in 2006 by British entrepreneur and internationally award-winning theatre producer, Phil Cameron. A regular traveller himself, he decided to use his extensive knowledge of branding, marketing and ticket sales to establish No.1. Since then, Phil and his team have developed a strong reputation in their market and have grown the business significantly in a challenging economic climate. He now owns the majority stake in No.1.
The business has doubled in size in three consecutive years and generates income through a number of revenue streams including airline partnerships, work with independent agents, member schemes and direct consumer sales. No.1’s customers have increased significantly year-on-year, with over 650,000 customers visiting its lounges last year, generating a turnover of £10.5million, and close to one million passengers this year. NVM’s funding will support numerous planned expansions throughout 2014, including four new airside lounge facilities, which will increase its available market to over 50 million passengers a year.
Phil Cameron, Managing Director of No.1 Traveller, comments: “We’re delighted to be working with NVM to help reach the next phase of our business growth, as we look to roll out the No.1 brand further. In its first five years, No.1 has established great new ways of catching a flight and passengers, now more than ever, are looking for services like this; so there are big opportunities ahead of us. We’ll be announcing a number of exciting new locations and innovations in the near future.”
Peter Hodson, Director of NVM Private Equity, comments: “We are excited to be a part of No.1’s journey going forward, especially given the growing global demand for airport lounges. No.1 is a well-respected and innovative British company whose management team has built strong relationships with airports, airlines and network partners. Phil and his team have developed and refined their business model over the years to ensure No.1’s success and profitability.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
