Update on investment in Portr - launch at Heathrow

RNS Number : 5069I

Vela Technologies PLC

09 December 2015

 

9 December 2015

Vela Technologies plc

("Vela" or the "Company")

Update on investment in Portr Limited - launch of AirPortr at Heathrow Airport

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, would like to update investors on progress at Portr Limited ("Portr"), the owner of the on-demand airport luggage transfer service, AirPortr.

Vela can now confirm that Portr has signed a long-term agreement to operate at London Heathrow Airport that will see its on-demand baggage delivery service AirPortr go-live at the airport on 14 December 2015. AirPortr will now be in a position to offer 'bag free' travel for the majority of passengers now flying both in and out of London.

AirPortr delivers passenger bags within hours between London locations (homes/hotels/offices) and London Heathrow Airport- providing same-day, on demand bag free travel for Heathrow's 75+ million passengers for the first time. AirPortr concierges will be conveniently "on hand" initially at Terminals 3 and 5 with a continued rollout to Terminals 2 and 4 planned in early 2016.

AirPortr can be pre-booked in advance or on the day of travel from any device. Bags are either dropped off in the airport with an AirPortr concierge, before being securely transported by an AirPortr driver to their London destination. Alternatively bags are collected from any London location and delivered to the airport at a time suitable to the customer.

Portr's service, AirPortr, was launched at London City Airport on 1 May 2014 and London Gatwick Airport in July 2015. The service enables passengers to book luggage transfers between the airport and their pick-up points or destinations, whether it be a hotel, home, office or serviced apartment, and is designed to give passengers luggage freedom to allow them to maximise their time in the city. Portr employs sophisticated technology across its web booking, resource management and asset tracking platforms, and its logistics engine that is integrated with CitySprint UK, the leading same-day and specialist logistics-provider. CitySprint UK manages the white-glove AirPortr delivery operation. Since launching with London City Airport, AirPortr has delivered thousands of bags, with an unblemished record of every item delivered on (or before) time.

Vela currently has an interest in approximately 3.4% of the issued share capital of Portr. Vela announced on 31 July 2015 that Portr had completed a £3.3 million Series A funding round which valued Vela's shareholding in Portr at approximately £525,000, based on the price of the Series A fundraise.

Antony Laiker (Executive Director of Vela) commented:

"The launch of the AirPortr service at Heathrow is a ground breaking development. The service has already proved a success at both Gatwick and London City Airports. Adding a global hub airport like Heathrow, transforms AirPortr's ability to extend its links with hotels and other travel related partners. It will now be possible to offer "bag free" travel for the majority of passengers flying both in and out of London.

What Randel Darby and his team have achieved over the last couple of years cannot be underestimated and we look forward to AirPortr's service gaining substantial momentum over the next 12 months."

Commenting on the launch of AirPortr at Heathrow, Randel Darby (CEO of Portr) commented:

"Our vision has always been to transform the way we travel here in London. Today's announcement marks a major milestone and realisation of that vision to deliver "bag free" travel. We are delighted to now be working with Heathrow, the UK's hub airport- it is great that it is now a fundamental pillar of our strategy, connecting our city with global business and tourism."

Chris Annetts, Heathrow's Commercial Passenger Services Director, said:

"Heathrow's goal is to provide the world's best airport service and we are delighted to be working with AirPortr to offer our passengers this quick, easy and convenient way to travel. With the arrival of the AirPortr service to Heathrow, passengers can now travel to and from the airport bag free, meaning their journey is made as hassle free as possible."

A link to the full press release issued by Portr can be found at www.portr.com .

For further information on Portr please visit www.portr.com or connect with Portr on Twitter (https://twitter.com/airportr_uk), Facebook (www.facebook.com/Airportr) or Instagram (https://instagram.com/portr).

For further information please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director Tel: [phone] Allenby Capital Limited (Nominated Adviser) Nick Athanas/Katrina Perez/James Reeve Vicarage Capital Limited (Broker) Rupert Williams/Jeremy Woodgate Tel: [phone] Tel: [phone]

 

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