CULTURE TRIP - MILLENNIAL FOCUSED TOUR OPERATOR COMPLETES MBO AND LAUNCHES STRATEGIC REVIEW

Culture Trip, the purpose-led small-group tour operator, today announces that the Company has completed a management buyout ("MBO"), led by CEO Ana Jakimovska, and has launched a strategic review to ensure that the business continues to develop and grow, both here in the UK and internationally (the "Strategic Review").

Founded in 2011, London-headquartered Culture Trip previously raised over £134 million from investors for its travel inspiration platform, which has thousands of curated guides, and over 90,000 pieces of content. As a result of the MBO, 100% of the equity is now owned by management.

Over 3 million people have downloaded the Culture Trip app and culturetrip.com now has circa 9 million monthly unique visitors, driven mainly by their award-winning content and 8.6m social followers.

At the beginning of 2022, Culture Trip launched an exciting new strategy, selling unique curated trips to digital savvy millennials using their digital content to acquire customers. The business has undergone rapid growth since this pivot, achieving an impressive 30% quarter-on-quarter growth and 78% year-on-year growth.

Ana Jakimovska, CEO of Culture Trip, said "Our mission is to connect people through responsible travel to help with loneliness and the climate crisis. Since our pivot last year, we've achieved incredible growth. Our unique curated trips deeply resonate with our engaged community of millennials and we are excited about what the future holds for us.".

The Strategic Review includes Culture Trip reviewing all its options, such as a growth investment and a full sale of the business. Exploratory conversations have already commenced with a number of potential domestic and international firms. The Strategic Review is being handled exclusively by Lazarus Consulting, the boutique M&A advisory firm.