The shape of the business.
A short, factual page for credentialed investor enquiries. Detailed materials available on request after a first conversation.
Who we are.
Halford & Hart is a premium-only online travel agency, headquartered in Manchester, with our first full year of trading completing in 2026. We list four-star and five-star hotels exclusively, with a hybrid Merchant of Record commercial structure that lets us hold inventory pricing and own the customer relationship end to end.
Inventory is sourced from Amadeus Self-Service for the long tail (~1.5 million properties post-filter) and supplemented by direct contracts with thirty marquee anchor hotels — Maybourne, Soho House, Aman, Belmond, Dorchester Collection, Iconic Luxury Hotels, plus a curated set of independents.
The company has been profitable on a unit-economics basis since month four. A small seed round closed at the end of 2024; we are not actively raising at present, but we do answer letters from investors who've read the model carefully.
Headline financial model.
- £69M
3-year GMV projection
Y1 £4.2M · Y2 £18M · Y3 £47M
- 18.5%
Blended Y1 gross margin
Anchor mix raises this to ~21% by Y3
- £124
Average margin per booking
Blended across hotel, flight, and packaged
- 32%
Repeat-booking rate, Y1 forecast
Industry benchmark for premium OTAs is ~22%
Figures reflect our internal Y1–Y3 plan and include the anchor-rollout schedule signed through Q3 2026. Detailed model, supplier-mix breakdown, and unit-economics waterfall available under NDA.
Founder note.
We started Aurora because the existing OTA experience felt structurally misaligned with how serious travellers — and serious hotels — actually want to do business. Booking.com sells everything to everyone; the loyalty programmes are points farms; premium properties are listed alongside roadside motels with the same iconography and the same review math.
The bet is that there is a meaningful, durable customer base for an OTA that says no to most inventory on principle, hires editorial discipline as a core function, and treats its anchor hotels as partners rather than wholesale sources.
The technical bet is that the supplier-abstraction layer we've built — every booking routed through a single adapter interface, with the direct-contract route preferred over the wholesale route at the engine level — is the structural advantage that holds the brand promise as we scale. It's the kind of architectural decision that is easy to skip and fatal in year three.
— Adnan Billal, Founder & CEO
Investor contact.
Credentialed enquiries to investors@billal.travel. Please include your fund, stage focus, and a sentence on why this thesis fits.
We do not respond to broker introductions or unsolicited outreach from intermediaries without a direct relationship with one of the founders.