Venture capitalist buys minority stake in Resorthoppa
Venture capitalist Close Ventures has bought a minority shareholding of Resorthoppa from existing shareholders for £2.1m.
Resorthoppa has also announced the appointment of four directors charged with moving the company forward.
Travel industry consultant Michael East becomes chairman and Patricia Rossello-Palmer is appointed director.
She and her family founded Resorthoppa in 2004 and Rosello–Palmer also founded the travel company Medinland in 1998, which was sold to Co-operative Travel in 2004.
While continuing to work with Medinland, she will develop Resorthoppa strategy with the shareholders, including Close Ventures.
Brian Stronell has been named financial controller. He worked with Avro and then moved to the City where he worked with a number of venture capitalist companies.
Catherine O’ Regan joins Resorthoppa as overseas operations and contracts director.
O’Regan worked at Cosmos as head of group overseas purchasing for nine years until 2000 and now returns to the travel industry after a change of career working for JPMorgan Chase Bank as global strategic sourcing manager, before joining Vodafone as interim commercial manager.
Paul Cowley joins Resorthoppa as sales and marketing director. His career includes positions with Midconsort Elite Travel Group, Jewel in the Crown Holidays and First Choice Holidays.
Neville Wynn, who has been with Resorthoppa for two years, becomes UK operations director and head of IT.
Rossello-Palmer said: “We were attracted to Close Ventures because of its strong track record in the travel and leisure sector.
“They have a good understanding of our business and how we want to build it and we believe having Close Ventures as a shareholder illustrates the strength and potential of Resorthoppa. I am confident that this invigorated team of senior management will be able to drive and expand the business to its full potential. With the dynamic packaging explosion showing no sign of slowing down Resorthoppa is the missing link!”
The holiday transfer company recently announced results showing major expansion across the business for the first half of 2007.
It says its half-year results show an overall 200% increase on the same period last year – with a 400% increase in new growth areas such as the Eastern Mediterranean.
The number of routes offered by Resorthoppa has grown over the last 12 months, from 270 to more than 350 gateways worldwide, with a further 150-plus anticipated before the end of the year.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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