What Intosol does
The firm specialises in bespoke holidays and holds over 3,500 hotel and agency contracts around the world.
The company’s technology, VIRTOSOL, is used by its travel consultants to allow customers to preview their trips through interactive videos.
Intosol also manages a portfolio of boutique luxury hotels and villas through its SOUL Private Collection.
What it owns
The firm’s SOUL Private Collection is mostly located in South Africa, where it leases and manages the Penthouse on Beach, SOUL Llandudno, SOUL Rainbow’s End and SOUL on the Heads properties.
Oceans Wilderness, a nine-room, high-end boutique hotel located in the picturesque Garden Route area of South Africa, is the company’s first fully owned property, while it also owns a site to build a safari lodge in the Leadwood Big Game Estate, a 5,500-hectare wildlife reserve in the north-east of the country.
How it’s doing
In the financial year ended January 2020, Intosol said it sharpened its business model to combine bespoke luxury holidays worldwide (INTOSOL Private Travel Design) solutions with the development of luxury boutique hotels (SOUL Private Collection) using state-of-the-art technologies and management.
Covid-19 however has had a severe impact, added the company.
From March, the impact of lockdowns of several destinations in its portfolio was coupled with the international travel warnings by the German government that resulted in a large number of cancellations.
Intosol has created appropriate provisions for the potential loss in revenue in this actual business year, which it said will be adjusted as the situation crystallises.
Reflecting the impact of COVID-19 provisions, revenues in the year to 31 January 2020 were EUR6.3mln (EUR7.2mln) with a loss of EUR2.9mln (EUR2.3mln).
In September, alongside the results, Intosol added that it is looking at possibilities to broaden its customer base through acquisition or joint venture with other travel companies also finding business challenging in the Covid-19 environment.
“A number of very good opportunities exist in the real estate market for the acquisition or joint venture in high-end hotel and accommodation products.
“These opportunities are being explored with urgency driven in part by the high number of inquiries by our clients on potential destinations that meet their requirements in the luxury sector.”
What the boss says: Rainer Spekowius, executive chairman
“I am very optimistic for the future of our company and to fight even harder on our way to build a global lifestyle experience company that merges private travel and unique experiences with hotel ownership.
“This is in fact a business model is basically made for a world with Covid-19.
“As said before, crisis creates opportunities, we are uniquely placed and ready to take the challenge.”