House of Travel investment

HOUSE of Travel, the New Zealand-based parent company of TravelManagers, Hoot Holidays and Orbit World Travel has received equity investments from two of NZ’s wealthiest families, amid expectations that COVID-19 is likely to impact the group for at least the next 18 months.

The company’s founder and Executive Chairman Chris Paulsen welcomed funding from Sinclair Investment Group and Tailorspace which he said signalled their “commitment and confidence in the company’s future”.

“The significant investment of equity capital allows House of Travel to strengthen its balance sheet and liquidity position to trade through the uncertainty created by COVID-19 and to then take advantage of the significant opportunities that will arise once conditions normalise,” he said.

Both Tailorspace and the Sinclair Investment Group have strong business, philanthropic and family interests, with Sinclair established by Sir Eion and Lady Jan Edgar, who have also been loyal House of Travel clients for many years.

Tailorspace is an investment firm founded in 2007 by Kiwi richlister Ben Gough.

Paulsen Holidings remains the majority shareholder in House of Travel, with Paulsen also stressing that the new equity investors in the business would not change the existing partnership arrangements with the group’s NZ owner-operated retail travel agency outlets or its Australian businesses.

He said the support from the Edgar and Gough families would ensure House of Travel successfully navigates these unprecedented times of COVID-19 “and will continue to deliver exceptional customer service and retain our leadership position in the home-based travel distribution throughout Australia”.