The travel agency Kilroy International A / S has completed refinancing amounting to ISK 1,400 million. Stands to use the capital to strengthen the company’s operations and potentially enter new markets as tourism markets continue to open.
Kilroy is majority-owned by the investment company I
slensk fjarfesting and is a combination of new share capital and credit provided by the current owners as well as the Vækstfonden Investment Fund in Denmark and Danske Bank.
This is stated in an announcement from Kilroy, which states that the company is one of the largest travel agencies in the Nordic countries and has a turnover of ISK 35 billion in 2019. The company has returned a good profit in recent years and has been debt-free before the epidemic.
Stands strong compared to major competitors
“The owners of the company expect markets to recover quickly later this year following the lifting of travel restrictions. In these circumstances, it is important that KILROY is prepared to grow rapidly and in a position to take advantage of the opportunities that will be created in the tourism market, both in existing and possibly also new markets. ”
The announcement states that Kilroy, like most other travel companies, lost a lot of revenue last year. Despite a large operating loss in a historical context, the company has survived this period unscathed. The company is also financially strong compared to its main competitors after the refinancing.
Cumulative travel cravings in young people
Arnar Þorisson, Chairman of the Board of Kilroy, says various opportunities insight:
“We see clear signs that markets are taking over. The number of inquiries about travel at Kilroy has increased rapidly. There is obviously a great need for advice from travel experts on whether and when it is safe to travel to the various places and there we are at home. We also feel that there is an accumulated desire to travel among young people and we believe that this could create an opportunity for Kilroy to enter new markets in the coming years. ”
Kilroy operates travel agencies in all the Nordic countries, the Netherlands, and Belgium under several different brands. The company has had a turnover of forty billion in recent years and has about 450 employees, according to the directors.