IT is probably fair to say that relations between Jamie Smith and Highland Venture Capital had become frostier than a wall of ice before Mr Smith completed a buyout from the investor he recruited in 2011.
Mr Smith lamented that his own vision for the business and that of his backers was not in alignment. One had to go, it would seem.
Now, after being backed by HSBC Mr Smith is back in full control of the company.
He does so at a precarious time for the economy, but as he points out, leisure is becoming a more significant part of destination retail centres and so as consumers seek out experiences as well as mere goods and services, businesses like Ice Factor are on reasonably solid ground.
For example, the firm’s Braehead Snow Centre attracted 1.9 million visitors last year.
Among those visitors were many who purchased tickets on daily deals websites like Itison, and the growth of companies such as this only provides further evidence that one of the reasons the high street is struggling is because consumers are looking for more from their free time.
Savvy investors are aware of this, and so it is no surprise to hear Mr Smith say there is huge potential in growing the number of indoor snow centres in the UK, which can currently be counted on one hand.
Mr Smith said his preference was for slow and steady growth, most likely assisted by acquiring sites currently under-utilised by their operators, but in opening talks about a possible flotation he is clearly considering all options.
To talk of ten-fold growth is bold, but someone who feels “liberated”, in Mr Smith’s words, is doubtless brimming with optimism for the future.
Evan so, he acknowledges that the role of HVC helped accelerate growth and put him in a position where he is now open to discuss with retail partners, operators and potential investors over his preferred route to the summit, unshackled.
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