Hugo Burge, the co-founder of discount travel website Cheapflights, says there are plus points to doing business in a downturn.

Hugo Burge, the co-founder of discount travel website Cheapflights, says there are plus points to doing business in a downturn.

‘It’s the best time to buckle down and make the best use of your increasing market share,’ says Burge. ‘It’s not the big and strong that will survive, it’s the ones that change fastest.’

He adds, ‘Obviously, if you’re losing money then you have to weigh up your chances.’

Burge, who now invests in early-stage internet companies as well as being vice-chairman of Cheapflights, argues that it is easier to attract and retain skilled staff when economic conditions are tough.

‘One of the biggest problems we’ve had in London is that the best developers are lured into the City by promises of fantastic lunches in the office canteen,’ he says. ‘That’s now reduced a bit.’

Adds Burge, ‘It’s also good that you’re less likely to have copycat competitors throwing silly money around.’