Matrix Private Equity backed the MBO and recapitalisation of the business, providing both equity and debt for the transaction. The deal is its second new investment in four days following a buy-out at artificial flower supplier CB Imports.

Mark Wignall, chief executive of Matrix, comments, ‘Amidst a dearth of M&A activity the small buyout market wheel keeps on turning. [We are] finding that there is huge opportunity within the small buyout space.’

Wimbledon-based Iglu.com employs some 100 people. Established in 1998 by MD Richard Downs to sell ski holidays, the company branched out into cruises in 2005 and secured total sales of £45 million this year, up from £38 million in 2008.