Seven-figure boost for Attraction World
Kings Norton-based travel business Attraction World has secured seven-figure funding boost.
Attraction World operates as a reseller of tickets for major attractions.
Its B2B arm sells attraction tickets via travel agents and tour operators, while it also operates two consumer websites, Attractiontix and Floridatix.
It also operates the Day Out With The Kids website which provides families with ideas for days out and activities, generating over 27 million visits to its website each year.
While the company has faced numerous ticket cancellations for 2020, it says it has also experienced record bookings for 2021 departures.
The funding under the Coronavirus Business Interruption Loan Scheme (CBILS) from the Birmingham office of Barclays with the assistance of the debt advisory team from Cattaneo Corporate Finance will bridge the gap as the company heads towards the winter low-season ahead of the strong demand for 2021.
Paul Stobbs, chief executive of Attraction World, said: “We are pleased to have secured the CBILS funding from Barclays. Attraction World is exactly the sort of business the CBILS scheme was designed for; a robust business model but in an industry which has been heavily impacted by the pandemic and so requires additional headroom to trade through this period of uncertainty. We are grateful for the advice received from Cattaneo and for the support from Barclays.”
Debt advice was provided by the Cattaneo team of Scott Peters and Martyn Pilley, the Barclays team comprised Andy Mayne and Daniel Wellings and legal advice was provided to Attraction World by Paul Hill from the Birmingham office of Browne Jacobson.
Scott Peters of Cattaneo Corporate Finance said: “From the moment the CBILS scheme was launched we have been advising clients on successfully securing funding and as a result have developed a deep understanding of not only the CBILS criteria, but how individual banks are geared up to manage their processes. This allowed us to advise Attraction World, a strong and well-run business, in ensuring they presented the necessary information in their initial submission, thus allowing for a smooth process.”
Andy Mayne, relationship director hospitality and leisure at Barclays, said: “The team at Attraction World has worked hard in navigating Coronavirus by making decisions which protect the business without compromising its ability to continue to flourish post-pandemic. We are delighted to be able to support a valued customer.”