13th July 2021
A Lincoln company specialising in hotel booking and affiliation for events has safeguarded and expanded its service thanks to a £150,000 investment.
Nubreed Hotels, received the funding from First Enterprise - Enterprise Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Nubreed hotels enables event organisers, ticketing companies and venues to monetise their attendee’s accommodation through Nubreed’s affiliate scheme. They use software that sits on their affiliates website and displays discounted and curated hotel rates, specifically for the event.The funding will allow the company, whose portfolio of clients includes Barclays, Calor Gas and Loughborough University, to manage the disruption of the Covid-19 pandemic and also allow it to begin expanding its services.
The company is planning to build its proprietary hotel booking software and hire five new employees to support an ambitious expansion as the events industry reopens.
Joe Wicks, founder and director of Nubreed Hotels, said:
“Although we had a roaring first nine months of trading, when the pandemic hit and events got cancelled, hotel bookings followed and our revenues dried up overnight.
“The funding from First Enterprise - Enterprise Loans has been a lifeline whilst the industry has remained closed. It has also allowed us to invest in our technology offering and launch a much improved booking experience for our customers a lot faster than we could have achieved without the funds.”
Matthew Wright, investment manager at First Enterprise - Enterprise Loans, commented: “We’re delighted to be able to support Joe with his expansion and technology
investment. He has a wealth of knowledge and expertise in the events industry and I’m confident their new launch in October will be a success.”
Lewis Stringer, Senior Manager at the British Business Bank, said:
“It’s good to see this funding supporting a business developing innovative new technology for the hospitality and events sector. We would encourage other Lincolnshire businesses to consider the finance options available through the MEIF.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said:
"The visitor economy plays a vital role in Greater Lincolnshire and the last 18 months have clearly been extremely challenging for the sector.
"It's important to support innovative start-up businesses that grow out of the hospitality sector and we applaud First Enterprise and MEIF for helping this pioneering business to survive and prosper."
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
First Enterprise – Enterprise Loans provide government-backed finance to businesses across the East Midlands and South East Midlands with lending starting from £500 to £250,000.
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