Virgin Voyages secures investment to boost growth plans

Virgin Voyages secures investment to boost growth plans

Virgin Voyages has secured $550 million in new capital to support the next stage in its growth strategy.

The funding was led by BlackRock and includes new external financing and additional capital from existing investors including Bain Capital Private Equity and Virgin Group.

The line said the move will “further strengthen its financial position as cruise demand continues to gain momentum”.

It currently has two ships in operation – Scarlet Lady and Valiant Lady – with a further two due to join the fleet. Resilient Lady is scheduled to launch in spring 2023, followed by Brilliant Lady.

Virgin Voyages seeing ‘exponential growth’

Virgin Voyages also reported “exponential growth in bookings in the last six months”, and said its own research indicates 96 per cent of consumers are keen to cruise this year.

The line’s CEO Tom McAlpin said: “We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish.”

Bain Capital MD Ryan Cotton added: “Virgin Voyages has successfully launched a new brand in the cruise industry and proven its appeal to both the traditional and non-traditional cruiser, allowing the brand to tap into new markets and reimagine this travel category.

“The expansion and enthusiastic commitment of the investor group supporting Virgin Voyages is a testament to the attractive fundamentals of this brand and what makes it so special.”

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