A Caerphilly-based adventure travel firm has said its “next steps look extremely positive” after receiving a £1.3m funding boost.
EverTrek has received an equity investment from the British Business Bank, as part of its £130m Investment Fund for Wales.
What is the British Business Bank?
The British Business Bank is an economic development bank owned by, but independent of, the UK Government.
Its aim is to provide funding to small and medium sized businesses and provide business advice.
It is similar to the Development Bank of Wales, which is owned by the Welsh Government.
The aim of this fund is to provide early-stage finance to small and medium-sized businesses across Wales.
EverTrek, which is based at the Welsh ICE campus on Caerphilly Business Park, was founded by its CEO Andy Moore in 2017.
It offers a range of high-altitude treks and was voted the UK’s number one trekking and walking company in the British Travel Awards.
The £1.3m funding has allowed the business to create five new jobs and set up a small office in Hereford.
The money will also allow it to expand its selection of tour experiences across the globe and reach new markets.
With the help of this investment, EverTrek is aiming to increase customer numbers to 3,000 a year, and turnover £2.5m in 2024.
Included in the investment is the support from sector specialist Gordon Mathie, who has been appointed EverTrek chairman, and the wider Firebird collective – an experienced travel sector specialist advisory group.
EverTrek CEO Andy Moore said: “We’re excited to start working with our new chair, Gordon Mathie, and believe his sector expertise will be invaluable and will support us in achieving greater long-term success.
“EverTrek’s next steps look extremely positive and we look forward to providing further updates”.
British Business Bank’s Ken Cooper said: “The fund has been established to back innovative and ambitious companies like EverTrek, so we are particularly pleased to see this investment, supporting their expansion plans, complete less than two months after the launch of the fund.
“Growth businesses in Wales can now see that the Investment Fund for Wales is out of the blocks, and ready to invest.”
The deal includes £650,000 of investment from the Equity Finance fund, which is provided by the Midlands Engine Investment Fund and managed by the Foresight Group.
John Cordrey, of Foresight, said: “The opportunity to invest in EverTrek provides the Investment Fund for Wales with an exciting investment shortly after the fund launched.
“EverTrek is an exciting, high-growth, differentiated adventure brand with significant scope for expansion.”
He added: “We are very pleased to be supporting Andy and the EverTrek team who are driven, passionate and knowledgeable about the sector.”
Support quality, independent local news Help fund public-interest journalism in Caerphilly County Borough from just £1 a month and enjoy an advert-free website experience. Become a member today →