CULTURE TRIP - MILLENNIAL FOCUSED TOUR OPERATOR COMPLETES MBO AND LAUNCHES STRATEGIC REVIEW

LONDON,July 12,2023 -- Culture Trip,the purpose-led small-group tour operator,today announces that the Company has completed a management buyout ("MBO"),led by CEO Ana Jakimovska,and has launched a strategic review to ensure that the business continues to develop and grow,both here in the UK and internationally (the "Strategic Review").

Founded in 2011,London-headquartered Culture Trip previously raised over £134 million from investors for its travel inspiration platform,which has thousands of curated guides,and over 90,000 pieces of content. As a result of the MBO,100% of the equity is now owned by management.

Over 3 million people have downloaded the Culture Trip app and culturetrip.com now has circa 9 million monthly unique visitors,driven mainly by their award-winning content and 8.6m social followers.

At the beginning of 2022,Culture Trip launched an exciting new strategy,selling unique curated trips to digital savvy millennials using their digital content to acquire customers. The business has undergone rapid growth since this pivot,achieving an impressive 30% quarter-on-quarter growth and 78% year-on-year growth.

Ana Jakimovska,CEO of Culture Trip,said "Our mission is to connect people through responsible travel to help with loneliness and the climate crisis. Since our pivot last year,we've achieved incredible growth. Our unique curated trips deeply resonate with our engaged community of millennials and we are excited about what the future holds for us.".

The Strategic Review includesCulture Trip reviewing all its options,such as a growth investment and a full sale of the business. Exploratory conversations have already commenced with a number of potential domestic and international firms. The Strategic Review is being handled exclusively by Lazarus Consulting,the boutique M&A advisory firm.

For further press info,interviews and images please contact press@culturetrip.com

ABOUT CULTURE TRIP

In 2011,Culture Trip was created to inspire people to go beyond their cultural boundaries and experience what makes

a place,its people and culture,special,unique and meaningful. Today,Culture Trip is the essential travel companion

and has evolved as a travel e-commerce brand with content at its core. Culture Trip inspires people and enables them to turn this inspiration directly into reality – all in one place via booking unique,insider led,small-group trips curated with care for the planet.See here for a short promo video.

ABOUT LAZARUS CONSULTING

Lazarus Consulting is an award-winning boutique advisory firm offering Business Development,Capital Raising,Corporate Development,and M&A services to clients primarily in the tech,media,and retail sectors. The firm is the exclusive corporate finance advisor to Culture Trip.

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