Iglu looks to expand in Europe after finding new backer

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The Independent Online

The online ski and cruise agent Iglu.com is planning to expand into Europe following an investment by GCP, a private equity house.

GCP has acquired a significant minority stake in the holiday company after buying out previous investors Matrix Private Equity Partners for £19m.

Iglu's founder and chief executive, Richard Downs, said: "It has long been my ambition to take the Iglu brand into Europe and the partnership with GCP will help make this a reality".

All the Iglu team are staying and the day-to-day running of the company from its Wimbledon headquarters will continue unchanged.

Mr Downs founded Iglu in 1998. It initially focused on selling ski holidays online, becoming the leading leading retailer of packaged ski holidays.

Iglu now employs 130 people and achieved sales of £90m in the year to May 2012.

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