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Iglu Cruise reportedly put up for sale with £100m price tag

Iglu Cruise

Iglu Cruise has reportedly been put up for sale by minority shareholders Lloyds Development Capital (LDC) with a potential price tag of £100 million.

Lloyds Banking Group’s private equity arm LDC – which took a minority shareholding in Wimbledon-based’s cruise business in 2015 – is said to have hired investment bankers from Rothschild to oversee an auction of the cruise brand.

According to The Sunday Times, the move comes as demand for its holidays recover from the pandemic after the cruise industry saw an uptick in business in 2023.

Quoting “city sources”, the newspaper said the company’s owner was likely to want to sell the business for a valuation around 10 times forward earnings.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the brand’s cruise and ski businesses was £8.9 million last year.

Iglu Cruise ‘focussed on continued growth’ amid speculation

However, a spokesperson for told Cruise Trade News the brand doesn’t “comment on speculation in the press” and the business is “focused on continued growth in this very busy trading period”.

“On the back of a record-breaking Black Friday, preparation is well underway for a strong start to 2024 for the leading cruise and ski travel agency. We are looking forward to continuing to deliver exceptional service to our customers, and to supporting our partners, in 2024 and beyond.”

Earlier this year, senior vice-president for global supply Simone Clark announced she was stepping down after 19 years at the agency.

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