Phil Cameron has told MCA he is assessing his options for No1 Lounges and hopes to bring in a new private equity investment to double the size of the group.
Cameron said the airport hospitality specialist, which leases space from airports, and charges travellers bolt-on fees to use its lounges, had enjoyed organic growth of 25% year on year.
The group, which is currently backed by NVM Private Equity, has eight sites in UK airports which Cameron wants to double with more UK and international expansion.
He is looking to bring on a new private equity partner in addition or to replace NVM’s investment, and said he could sell some of his own shares in the process – though was committed to continuing to lead the business.
He told MCA: “We’re got the stage where we’ve done phenomenally well under NVM, who’ve been co-owners for three-and-a-half years, and it’s now a natural point to explore options.
“We’re growing rapidly - by end of next year we will have doubled to where we are today.
“It makes sense to bring on a larger scale PE partner at this stage – either with NVM or to replace then.
“I may or may not sell shares – normally in these they expect you to sell some of your shareholding as well,
“I’m committed to the business. People want me to see through the growth. I’ve done 11, 12 years of hard work, and now all the fun staff happens, so I want to stay in the business an grow with it.
“It’s a natural stage in the business to move one scale up in the private equity world.”
Cameron said his low cost model of bolt-on airport lounges was becoming increasingly popular with consumers, after years of airline-run lounges.
Consumers pay an entry fee of around £30, which gives them access to the lounge and a range of snacks, meals and drinks.
Cameron said it was proving popular with short haul flyers looking for comfort ahead of their journey, as well as long travellers happy to pay bolt-ons at the start of a long trip.
He added: “Whatever happens with the economy or Brexit, demand is going through the roof. We are growing originally by 25% year on year
“We will comfortably double the units in the next year.”
