Snoozebox plans to raise £10m in IPO

PORTABLE hotel group Snoozebox Holdings plans to raise £10 million from investors in order to target a series of events across Europe, such as the Edinburgh Festivals.

Surrey-based Snoozebox will launch an IPO on the Alternative Investment Market (Aim) in the coming months. The brainchild of hotel industry veteran Robert Breare, the Snoozebox concept was tried and tested when it delivered the first 40-room temporary hotel at Silverstone for the British Grand Prix.

The Snoozebox chief executive, said: “We have a burgeoning pipeline of opportunity, not only in the UK but also internationally.

“We believe this IPO will catapult Snoozebox into the marketplace for event accommodation.”

Breare co-founded Malmaison with Glaswegian hotel entrepreneur Ken McCulloch before selling it on to US investors for £100m, and also served as chairman of the firm that owned the Scotsman Hotel.