Hospitality firm secures future after landing £150,000 funding
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A Lincoln company which specialises in hotel booking and affiliation for events has been safeguarded and expanded its service thanks to a £150,000 investment.
Nubreed Hotels has received the funding from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Nubreed hotels enables event organisers, ticketing companies and venues to monetise their attendee’s accommodation through Nubreed’s affiliate scheme. It uses software that sits on its affiliates’ websites and displays discounted and curated hotel rates, specifically for the event.
The funding will allow the company, whose portfolio of clients includes Barclays, Calor Gas and Loughborough University, to manage the disruption of the Covid-19 pandemic and also allow it to begin expanding its services.
The company says it is planning to build its proprietary hotel booking software and hire five new employees.
Joe Wicks, founder and director of Nubreed Hotels, said: “Although we had a roaring first nine months of trading, when the pandemic hit and events got cancelled, hotel bookings followed and our revenues dried up overnight.
“The funding from First Enterprise – Enterprise Loans has been a lifeline whilst the industry has remained closed. It has also allowed us to invest in our technology offering and launch a much improved booking experience for our customers a lot faster than we could have achieved without the funds.”
Matthew Wright, investment manager at First Enterprise – Enterprise Loans, said: “We’re delighted to be able to support Joe with his expansion and technology investment. He has a wealth of knowledge and expertise in the events industry and I’m confident their new launch in October will be a success.”