The online cruise travel agent Iglu is on the verge of setting sail Down Under in a deal estimated to be worth about £100m.
Sky News understands that Iglu shareholder LDC – the private equity arm of Lloyds Banking Group – is close to a deal to selling the business, which it backed a decade ago.
Industry sources said on Tuesday that Flight Centre Travel Group (FCTG), the Australian Securities Exchange-listed company, was the frontrunner to buy the business.
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One said that a deal could be announced imminently.
Iglu, which was founded by Richard Downs, has – like many travel businesses – staged a strong recovery since the COVID-19 pandemic threatened to decimate the sector.
Last year, FCTG announced that it was reviving its Cruiseabout brand in an effort to strengthen its presence in the cruise holiday market.
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A closely watched industry report predicted last year that global cruise passengers would soar from 31 million in 2023 to 39 million by 2027.
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The Australian company already owns Scott Dunn, which it bought nearly three years ago for just over £120m.
Rothschild, the investment bank, has been handling the sale on behalf of Iglu’s shareholders.
LDC did not respond to a request for comment.
