A Cumbrian travel firm has been given a £500,000 funding boost to help its management buyout.
Kandoo Adventures was owned by a French parent company, but has been bought out by Sam Holland and Gareth O’Rourke.
The investment from NPIF II – FW Capital Debt Finance, managed by FW Capital as part of the Northern Powerhouse Investment Fund IIPIF has supported the management buyout and will assist plans to grow the business moving forward.
Sam has worked for Kandoo Adventures for over six years, most recently as general manager.
He has completed the management buyout with incoming director Gareth O’Rourke.
They said they were committed to growing Kandoo Adventures into one of the UK’s leading adventure travel businesses.
Kandoo Adventures is an ABTA and ATOL registered provider of high-altitude adventure and travel services based in Penrith.
With over 16 years of experience the team covers 23 worldwide destinations, including tours of the world’s most famous mountain destinations such as Mount Kilimanjaro, Everest base camp, Machu Picchu, Bhutan and Aconcagua.
The business is also focused on sustainability and has set up the Kandoo Himalaya Foundation.
Created to support the local community of Hongong, a Bhote community in the mountains to the west of Kathmandu, many of the firm’s guiding team originate from there including Kandoo Adventures’ Nepalese manager, Pimba Tensing Bhote.
For every participant who joins a Himalayan trek, Kandoo Adventures contributes $50 towards the Kandoo Himalayan Foundation.
Gareth said: “I’m excited to mix Sam’s decades of experience in travel with my marketing and business expertise.
“This is the perfect mix which will help us to move the business during its next level of growth. We have significant plans moving forward to expand our range of destinations.
“Joe O’Connor has been really helpful and supported us through the management buyout process. This funding is transformational for the business.
“One of the biggest challenges is breaking down the barriers for business owners to access finance for growth and we’ve found FW Capital have been great to work with.
“We would encourage businesses to talk to FW Capital who together with the Northern Powerhouse Investment Fund II are helping ambitious management teams to access vital investment.”
Sam added: “I’m excited to take the helm of a Cumbrian based adventure travel firm alongside Gareth.
“We will continue to operate from our retail front in Penrith, safeguarding the jobs of all employees.
“This is a sector I am extremely passionate about, and we’re focused on expanding the opportunities available for our customers as we continue to create life-affirming experiences through adventure travel.”
Joe O’Connor, assistant investment executive at FW Capital, added: “Kandoo Adventures is a fantastic Cumbrian-based business with an established reputation in its field. I have been impressed with the passion and approach from both Sam and Gareth.
“This investment has ensured the business remains in Cumbria and will also support their long-term plans to scale-up. This is exactly what the NPIF II funding has been created for.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25,000 to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
FW Capital will provide debt finance options from £100,000 to £2m to businesses based in the North West of England, with some flexibility to lend across the North.
