CASE STUDIES

RECENT WORK

Travel Editions

Travel Editions was established in 1994, and has an emphasis on cultural tours for “travellers, not tourists.” Its team began working with Firebird in 2022, wanting support with focused business growth ahead of an anticipated sale. In 2024, following a targeted process that attracted a number of compelling offers, the business was sold to the Artisan Travel Group under the continued management of Julie Martin and her senior team, while co-founders Ed Coventry and John Dryden retired after celebrating 30 years at the company.

“This is a major achievement for both ourselves and the wider Travel Editions team – a fantastic result for everyone involved. We thoroughly enjoyed working with Firebird, and are extremely grateful for their diligent approach to this process, including their persistence resolving key issues at every step. We know Travel Editions is in expert hands going forward.”

Ed Coventry and John Dryden, co-founders, Travel Editions

McCabe Pilgrimages

In 2023, the conflict in Israel and Palestine forced a dramatic change of direction for pilgrimage specialist tour operator McCabe, when three-quarters of its product range – comprising tours to the Holy Land – disappeared almost overnight. At that point, the team had already been working with Firebird for three years, helping the business transition towards a period of long-term growth and improved margins, in part by introducing a new direct-to-customer range. After war broke out, with Firebird’s guidance, the team successfully encouraged loyal customers towards new destinations. Within a year, the business had not only preserved its traveller numbers but made a small profit, with customer satisfaction at its highest level to date.

“It is no exaggeration to say that [Firebird’s] foundation is, in large part, what saved our business… Having Ian Finlay as a sounding board at every step of the way has been so valuable… I can’t overstate it. He’s knowledgeable, generous with his experience, and is particularly good at helping people reach the answer themselves.”

Martin Adams, director, McCabe Pilgrimages

Distant Journeys

Founded in 2014, Distant Journeys is an award-winning operator offering group and private tours around the world. The Firebird team were appointed by its founders in 2023, when the partnership saw a huge opportunity to take the business forward. After considering options and identifying potential for unprecedented growth, Firebird secured a partial exit with private equity backing from Mobeus, which provided substantial investment. One co-founder chose to remain with the company, two exited, and a highly experienced chair was appointed to the board for its next chapter.

“This is a momentous and exciting step for Distant Journeys – and a team decision that we’re all very much behind. [My co-founders] and I are extremely grateful to Stewart and the wider team at Firebird for their expertise and connections, and the support they’ve shared to take our team to this very important milestone.”

Simon Whittle, company co-founder and MD, Distant Journeys

Bon Voyage

The award-winning heritage US destination specialist, Bon Voyage Tours and Travels Limited, has served British holidaymakers since 1979. In early 2022, the company appointed Ian Finlay to its board to provide strategic advice, and build on the brand’s long-established legacy. By June, Bon Voyage was trading 25% up on 2019.

"The participation of Ian and Stewart has proved highly beneficial. Their grasp of what makes businesses succeed is sharp and focused and has brought out the best in the existing management team. We are confident that the next step will be a successful sale."

Alan Wilson, Chairman, Bon Voyage

OLDER WORK

The Teach & Travel Group

TATG is a leading provider of online TEFL qualifications. In 2020, Firebird provided the TATG management team with advice leading to a successful MBO. Ian Finlay joined the board as Chair, providing support, strategic advice and challenge. In early 2021, Firebird approached a private equity backed competitor and achieved an exit for the management with an increase in value of more than 16x their initial investment.

"Ian and Stewart’s advice was invaluable throughout the process of acquiring and selling TATG: from putting together our initial offer, to management advice and negotiating the deal. I am delighted with the result which I sincerely believe is a brilliant outcome for the management team and the company."

Gordon Mathie, MD and Owner, TATG

Caledonian Travel /
Mobeus Equity
Partners

In early 2021, Firebird was engaged by the management of Caledonian Travel and Mobeus Private Equity to conduct Commercial Due Diligence prior to Mobeus’s multi-million pound investment in the UK breaks specialist. The team conducted extensive interviews and research into the strategy, tactics and performance of the company - creating a report, and advising on a multi-million pound investment. The transaction was successfully completed in late March 2021.

"It was a pleasure to work with the Firebird Partnership team whose in depth travel sector experience resulted in them delivering a clear and concise due diligence report with sound commercial insights within an efficient timeframe."

Greg Blin, Investment Director, Mobeus

Portman

Portman was a top 10 UK TMC with a team of 400 across the UK, Ireland and the Netherlands. Steve was recruited as CEO by Vision Capital in October 2014 to lead the turnaround of the business and then support its sale. Following the roll out of a new booking system with access to global content, and a new internal engagement programme, Portman won the Best UK TMC and Best Technology awards in 2016.

Results

The change programme saw costs reduced through supplier renegotiations and right sizing, and a refreshed business strategy launched. EBITDA was increased by 27% in 2015. New business sales, the revitalised M&E business, and VIP Leisure, all saw double digit growth. The company was successfully sold in late 2016, and Steve stayed on to support the business integration and the sale of Portman’s investment in Radius, a global TMC, in early 2017.

The Appointment Group

TAG is a £200m turnover travel management company operating globally from locations in the UK, US and Australia. They dominate the market for the provision of travel services to the music and entertainment industry. Stewart worked with TAG for nearly 10 years and provided advice on numerous acquisitions as well as general ad hoc strategic advice and guidance.

Results

The business was sold in 2018 to Apiary Capital. The sale price represented a multiple of 8-9x EBITDA.
The sale process considered both trade and PE acquirers on a global basis.

Travel Class

Stewart supported Ian to raise private equity and senior debt to buy Travel Class.

Ian created and executed an ambitious growth strategy including the introduction of new sites and the reinvigoration of both the sales process and distribution channels. Alongside these initiatives product pricing was reviewed, and the product further differentiated.

Results

Significant revenue progression resulted, along with pricing and yield improvements driving an enhanced gross margin. The business was sold to a trade buyer 15 months after the initial investment, returning 3.5x money to the private equity investor.

Specialist Tours

Specialist Tours was a Newco created to acquire a number of niche specialists in the escorted tours market.

Ian identified the first acquisition target and, with Stewart’s help, raised private equity funding to finance the deal. Stewart then joined the board as a NED. Operations, sales and marketing teams were fully restructured and two bolt-on acquisitions were made.

Results

Rapid growth was made possible by the above changes. One of the acquisitions gave the business an American footprint, with the US quickly becoming a key driver of growth. The business was sold 2 years after investment, delivering a 3.2x return on money with EBITDA having grown by more than 250% over the period.