On the Beach floats on London Stock Market
Online retailer On the Beach has floated on the London Stock Market with the aim of raising £90.2 million.
It is releasing 52,173,912 shares at 184p each.
The flotation values the company, launched 11 years ago by CEO Simon Cooper, at £240 million.
Of the money raised, £6.4 million will be for the company and £83.8 million paid to existing shareholders, including private equity firm Inflexion, the company directors, members of the senior management team and other individuals.
Cooper and his fellow directors and senior managers will retain 21.7% of the company and 37.1% will be held by Inflexion.
Cooper said: "In a little less than eleven years, we have established On the Beach as one of the UK’s leading online retailers of beach holidays. Our highly differentiated business model and superior technology platform has been core to the success of the business.
"The IPO of On the Beach marks an exciting milestone in the company’s development and will support us in our ambition to become Europe’s leading online retailer of beach holidays. We welcome our new shareholders and, with their support, look forward to delivering the next chapter of our growth story."
On the Beach claims 17% of the UK short-haul beach holiday market. In the nine months to June it took £355 million of sales, making a pre-tax profit of £14 million.
The other directors are chief financial officer Wendy Parry, chairman Richard Segal and non executives Lee Ginsberg and David Kelly.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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