Access to Finance Case Study - Responsible Travel

The Company

Founded two years ago by Justin Francis, Responsible Travel (www.responsibletravel.com) was set up with funding from private investors, including The Body Shop founder, Anita Roddick OBE. The Brighton-based company has six employees, from a broad range of backgrounds, and is experiencing rapid growth.

Responsibletravel.com provides 'eco-friendly' holidays, that benefit the holiday maker, local people and the environment, in over 110 countries worldwide. Holiday packages on offer include swimming with Humpback Whales in Tonga, walking holidays in Spain, and volunteering to work with street children in Ecuador. One of the greatest advantages of a Responsible Travel holiday is that the destination country benefits economically, while the potentially negative impact on fragile environments and cultures is minimised.

The Business Issue

As a new company in Sussex, responsibletravel.com was eager to be a part of the local business network and have access to a large range of business services. More specifically, the company was seeking legal advice on how to secure funding, but was keen to keep the cost of this advice as low as possible.

Solution and Benefits

Last year, The South East Media Network (SEMN) invited responsibletravel.com to enter its Access to Finance scheme - a new fast-track programme providing access to a tailored business makeover and an introduction to a network of potential investors. Companies selected for the scheme were required to submit a business plan, which was analysed by a panel of financial experts.

Responsibletravel.com was made aware of the Access to Finance scheme by Wired Sussex, which manages the SEMN. The business development agency supports the new media cluster in Sussex and provides its clients with a range of business services. These include networking events, access to new markets, specialist knowledge and finance, industry guides and training.

Results

Following its successful application to Access to Finance, responsibletravel.com was offered professional accounting and legal advice as well as assistance in developing a marketing strategy, before being introduced to targeted venture capitalists and business angels. As part of this process, responsibletravel.com was introduced to international law firm, Taylor Wessing, who provided the company with constructive and practical commercial guidance on developing legal contracts and procedures, as well as compliance issues.

Commenting on the scheme, Justin Francis, managing director at responsibletravel.com said: "Being part of the Access to Finance scheme, as well as a Wired Sussex client, has definitely benefited us. Brighton is a vibrant centre of entrepreneurship, with many suppliers and partners that can offer London quality at more modest prices, so being part of the new media network supported by Wired Sussex was essential."

"Joining Access to Finance has proved to be an invaluable experience and is a programme I would thoroughly recommend to any new and growing business in the South East. The introduction to Taylor Wessing provided access to great advice at little cost. It has enabled us to tie down a deal with a venture capital company and further expand the company, in fact our sales have been increasing at 15% per month for the past six months."

SEMN Comment

Nick Underhill, business development manager at Wired Sussex said: "It is great to see businesses in the South East benefiting from the Access to Finance scheme. Responsible Travel is a young and expanding company, and the South East Media Network is thrilled that the company has been able to gain funding following the introductions made through the programme."