Hotel Reservation Company Gets £ 150,000 Boost | Midlands
A Lincoln company specializing in hotel reservations and event affiliation has backed up and expanded its service with an investment of Â£ 150,000.
Nubreed Hotels received funding from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF), backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The company allows event planners, ticketing companies and sites to monetize their attendees’ accommodation through Nubreed’s affiliate program. They use software that is on their affiliate’s website and displays discounted and organized hotel rates.
The funding will allow Nubreed, whose client portfolio includes Barclays, Calor Gas and Loughborough University, to manage disruptions from the Covid-19 pandemic and will also allow it to start expanding its services.
The company plans to build its own hotel reservation software and hire five new employees.
Founder and Director Joe Wicks said: âAlthough we had a roaring first nine months of negotiation, when the pandemic struck and events were canceled, hotel reservations followed and our income dried up from the overnight.
âFunding for First Enterprise – Enterprise Loans has been a lifeline as the industry has remained closed.
“It also allowed us to invest in our technology offering and launch a much improved booking experience for our customers much faster than what we could have achieved without the funds.”
Matthew Wright, Director of Investments at First Enterprise – Enterprise Loans, added, âJoe has extensive knowledge and expertise in the events industry and I have no doubts that their new launch in October will be a success. “