Friday, November 11, 2005

Online ski operator receives cash boost

A private equity investor has taken a 10% stake in online ski specialist Ski Line after injecting a six-figure sum into the business.
The operator declined to reveal the investor’s identity but described them as ‘high-profile’.
Ski Line is expected to float on the Alternative Investment Market within the next five years and is looking to increase its annual turnover by 75% in 2006m and by a further 50% in 2007. Turnover has risen from £1.5 million in 2003 to £5 million this year.
Managing director Angus Kinloch said: "We have received many offers for investment in Ski Line but this arrangement is the one about which we feel most conformable. The proceeds will be used to accelerate the company’s growth."
He added: "There is a lot of money to be made in online travel. Along with casinos, internet travel companies dominate the short list of dotcoms that are still attracting the attention of city investors. Ski Line hopes to join the ranks of listed travel companies very soon."

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