Thứ Ba, 11 tháng 6, 2013

Skyscanner makes move to Barclays

The Skyscanner website provides online comparisons in 30 languages for flights, hotels and car hire and receives around 50 million visitors a month while the company’s mobile site and smartphone apps are also growing in popularity.


The business, in which Scottish Equity Partners has a minority stake, has been growing strongly in recent years and is continuing to push into new markets.


Revenue is said to have grown 65% in 2012 to £33.5m, while earnings before interest, tax depreciation and amortisation jumped 153% to £12m.


As well as its headquarters in Edinburgh, Skyscanner has recently opened an office in Glasgow to add to its operations in Singapore and Beijing.


Plans to double staff numbers in Singapore from 25 to 50 were announced in May, while a Miami base to build up its presence in North and South America is to open later this year.


Shane Corstorphine, chief financial officer of Skyscanner, highlighted products such as the Barclays cash management system as among the attractions for the deal.


He said: “We have been impressed by the relationship team and product capability at Barclays. They have taken the time to understand Skyscanner, and have delivered tailored solutions that have made a real difference to our business.


“Strong relationships have been established at all levels between our respective teams, and they have a proactive approach in our day to day engagement. This was crucial in our decision to move to Barclays.


“As a growing internet company, we value the fact Barclays is leading with technology innovation, which will provide new opportunities for our business in the future.”


Ally Scott, managing director of Barclays corporate banking in Scotland, indicated the size of lending was a signal of confidence in Skyscanner.


He said: “When Skyscanner decided to come out and test the banking market they asked for a level of facilities which we exceeded with our offer.


“We felt that given their rate of growth and the opportunities ahead of them that if Barclays offered more capital, it might show a positive attitude from us and reflect some of the opportunities they will encounter.


“Barclays itself is a growth business in Scotland and UK-wide we have been growing our loan book. I suppose that consistency appeals to companies which are growing and will need access to credit facilities on an ongoing basis.”


Mr Scott confirmed Barclays had been supporting Skyscanner in China prior to the re-banking and also indicated the company will have access to investment banking support in the US if required. He added: “Being able to follow clients like Skyscanner globally as they expand is a key part of our proposition.”


Skyscanner was founded in 2003 by three IT contractor friends – Gareth Williams, Bonamy Grimes and Barry Smith – after an idea formed following the building of a spreadsheet to compare budget flights to a French ski resort.



Skyscanner makes move to Barclays

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