Airport hospitality business No.1 Traveller has staged a management buyout with £7 million funding from NVM Private Equity.

The business operates across five airports and provides services ranging from bars, work-friendly spaces, entertainment rooms and travel spas.

It was founded in 2006 by British entrepreneur Phil Cameron. NVM says the business has established a strong reputation in its market.

After three years of quick growth No.1 has a turnover of £10.5 million and it welcomed 650,000 passengers into its lounges last year.

The new managers will use the money to create four new ‘airside’ lounges, increasing its exposure to 50 million potential customers.

Peter Hodson, director of NVM, said: "No.1 is a well-respected and innovative British company whose management team has built strong relationships with airports, airlines and network partners.”