Cattaneo Corporate Finance advised Attraction World on securing seven-figure debt finance from the Birmingham office of Barclays under the Coronavirus Business Interruption Loan Scheme (CBILS).
Attraction World operates as a reseller of tickets for the world’s most popular attractions. The Kings Norton based travel business’ market-leading B2B arm sells attraction tickets via travel agents and tour operators, whilst it also operates two consumer websites, Attractiontix and Floridatix, making Attraction World one of the UK’s leading ticket sellers. 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.
The business has shown resilience after being impacted by the Coronavirus outbreak in March. Whilst it has faced numerous ticket cancellations for 2020, it has also experienced record bookings for 2021 departures, demonstrating the British public’s desire to carry on with life as travel restrictions ease. Traffic to the Day Out With The Kids website is also growing strongly, having experienced a surge in traffic as lock down restrictions are lifted.
Attraction World identified a funding need to bridge the gap as it heads towards the winter low-season ahead of the strong demand for 2021. Barclays has enjoyed a long relationship with Attraction World and through its understanding of Attraction World’s business model and cash flow cycle, it was able to make a detailed assessment of the funding required and provide the requested debt facility.
The Cattaneo team of Scott Peters and Martyn Pilley provided debt advice, with Barclays being represented by Andy Mayne and Daniel Wellings. Legal advice was provided to Attraction World by Paul Hill from the Birmingham office of Browne Jacobson.
Commenting on the transaction, 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”.
Scott Peters of Cattaneo commented:
“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 of 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” .