Home›Insurance›Industry & Deals›Collinson locks in £350 million revolving credit facil…

Collinson locks in £350 million revolving credit facility

Collinson said it will invest £500 million over the next five years, including expansion of its Priority Pass lounge offering and growth of its insurance portfolio.

Reported · Written up by our desk · Industry & Deals

Collinson Group, a London-based travel and financial services company behind airport lounge and travel benefit programs including Priority Pass, has secured a £350 million revolving credit facility from a syndicate of five international banks. The company said the new facility doubles the size of its previous financing arrangements.

Collinson plans to invest £500 million over the next five years to expand its airport lounge network and Priority Pass offering. The group also intends to grow its insurance portfolio, develop new products and technology, and enter new markets.

The company reported £2 billion in revenue for its latest financial year, and it is privately owned with more than 2,500 employees across 14 countries, reaching over 500 million consumers.

Coverager reports that Collinson recently partnered with Cathay Life Insurance to provide eligible travel insurance policyholders in Taiwan with complimentary airport lounge access when flights are delayed by more than 60 minutes or canceled.

More like this

Sources