09 Mar 2022by James Chapple
Newmarket Holidays chief Niel Alobaidi has pumped some of his own cash into the business to boost its recovery, becoming the escorting touring specialist’s first new shareholder for nearly 40 years.
The operator’s board on Wednesday (9 March) confirmed the investment from Alobaidi followed a refinancing effort combining additional shareholder investment and bank support.
Alobaidi becomes Newmarket’s fist new shareholder since 1984 when founders Toni Frei and Jeremy Griffin welcomed Simon Hibbs into the fold; it was Hibbs who handed over the reins to Alobaidi when he joined in September 2019 from Emirates Holidays.
Newmarket said Alobaidi’s investment would ensure the business has the capital needed to manage its recovery from the Cvid crisis, and support its transition back to growth. The board stressed they…