Creative transactions in travel - Three trade stories from Firebird
The best advisers recognise that every business and team is truly unique, and adapt the way they structure transactions and exits in response. Stewart Lambert, co-founder of Firebird, shares three stories to show smart, creative strategies in action.
In the world of travel transactions, no two processes are ever the same – and some require especially creative approaches. Alongside the more traditional exits led by Firebird, like Distant Journeys and One Traveller, we’ve put together a number of transactions that called for unique and inventive solutions. Our team aren’t process junkies. The skills of an expert adviser need to be much broader than that, as these three examples show.
French Waterways
The unexpected alternative
French Waterways (FW) was established out of founders Ruth and James Newcombe’s passion for France’s inland waterways. In 2023 the couple approached Firebird with an ambition to sell. But after reviewing the figures, staff structure and company set-up, we let them know our expert view: that FW wouldn’t be sellable.
Ian Finlay and I gave Ruth and James three options: to get a second opinion from other brokers, to become a Firebird growth client, or – an almost throwaway idea – to let us buy the business and find new management. To our surprise, they wanted to look at how that last option could work.
James explains the situation from their position: “With the success and global reputation that our business had built came a matching need to expand and develop, and we had been investigating suitable potential partners for at least the previous two years. We were especially concerned to maintain the support and commitment of our wonderful team, some of whom had been with us since the beginning.”
“We created a management buy-in: an alternative solution to the standard exit”
What made this transaction doable for Firebird was being able to identify new management, as we would later do for Bon Voyage (see next story). Rosie Mansfield had worked with Ian Finlay at TUI, and was also a previous client. Knowing her well, knowing how she worked, and trusting her approach, we brought her in to run FW with Ian’s support as chair.
In effect this created a management buy-in: an alternative solution to the standard exit that enabled the vendors to start their own exit process. We had the right tools in our bag to facilitate their wishes through Firebird’s network, and could structure the deal in a way that worked for everyone.
With many independent travel businesses today being too small/unready to sell, the need to think through multiple exit options can be essential for owners and founders. In James’s words: “With Firebird, we found a marvellous mixture of travel sector understanding, commercial acumen and hands-on client focus. Both Ruth and I are confident and excited for the future of the business, for our colleagues and our clients.”
Bon Voyage
The mutual epiphany
North America specialist Bon Voyage (BV) was co-founded by Alan Wilson and Alan Orsmond in 1979. A few years before COVID, Alan Wilson and I began talking about the future of the company.
As Alan describes it: “It was probably about ten years ago that my solicitor said, if we ever wanted to sell, Stewart Lambert would be worth having a coffee with. He and I had several coffees and conversations over a number of years and kept in touch. At the beginning we were very happy. Business was booming. It wasn’t until COVID came along that Stewart and I started having discussions about how we’d get through that period and take things forward from there.”
Over several years, Alan and I talked, building a relationship and building trust. After COVID, he told me he wanted to restructure the equity, bringing some of the wider team into it. BV officially engaged Firebird for strategic advice, and became one of our earliest growth clients.
“There isn’t anything you can’t access, resource, or figure out with Firebird… Working with them has been the best thing Bon Voyage ever did”
Alan again: “What we found particularly useful was having Ian Finlay on the board. Before then we had been running the company on a pretty informal basis. We weren’t really having board meetings. Information was exchanged on a need-to-know basis, rather than under any formal structure. Ian changed all that.
“From there we were also brought into the Firebird family of clients, and got to hear different stories of how other companies were approaching the market; what worked for them and what didn’t. Before that, we hadn’t had any business-to-business relationships that allowed us to talk as frankly as that. It was very helpful.”
In 2024, sparked by Trump’s re-election, BV saw a detrimental impact on their US products. “Turnover was declining in the market,” Alan explains, “and it became obvious that, as a company, we needed to expand our product into new markets, and get to grips with changes in marketing. It all looked likely to be a big, long-term project; one I didn’t really want to start at the age of 70!”
Firebird’s solution was to bring in director and strategist Gordon Mathie as MD, giving Alan and his wife Theresa – BV’s business development manager – the space to take a step back. Theresa adds: “It was a mutual epiphany between Alan and I: we didn’t have the bandwidth, time or skill to do what we needed to do for the company. So we approached Firebird and said ‘Can you figure something out?’ That’s what they did.
“This has been Firebird’s whole approach since the beginning: you throw something out, they go away, they think about it, they come back with 10 solutions, 42 contacts and a done deal. There isn’t anything you can’t access, resource or figure out with Firebird. If they throw out an idea we don’t like, that’s fine – they come up with a different one. No one is ever precious. Working with them has been the best thing Bon Voyage ever did.”
Alan describes what happened next. “We retained ownership of the business, Gordon moved in as managing director, and after about 6 months we reached the point where a transaction could take place. This transaction will allow Theresa and I to benefit from the profits generated over a number of years – a move that protects our team’s careers and will help them grow going forward. We’re more than happy.”
Expert Africa
The long-term partnership
Expert Africa was founded from MD Chris McIntyre’s deep knowledge and love of Africa – he has written guidebooks on a variety of African countries since 1990 – and was backed from the outset by Noel Josephides, chairman of the Sunvil Group, who recognised the travel opportunity. Over the following three decades, Expert Africa grew within Sunvil into a market-leading Africa specialist, with offices in London, Cape Town and Windhoek.
I had known Chris for many years, and knew he’d been having ongoing conversations with Sunvil about the future ownership of the business. As a co-founder with a 50% stake in the company, he wanted to secure Expert Africa’s long-term future by taking the next step towards full independence.
Over time, I became closely involved in helping structure the eventual transaction. The process evolved gradually over many years, shaped not only by the commercial realities involved, but also by the relationships between the people at the centre of it.
“The process wasn’t anything like a standard financial exercise”
Chris takes up the story: “For years Stewart and I explored various possibilities together. He was the only person I could discuss them with in real depth. Our relationship became even stronger during the COVID period, with all the challenges that brought.
“Over time, Stewart developed a detailed understanding of both Expert Africa and Sunvil. Together, we worked through different structures and approaches, gradually refining a deal that would work well for everyone involved. He was always available for guidance, and his support on the legal side was hugely valuable.”
Reaching the right agreement meant carefully balancing the interests of both businesses and ensuring that each was left in a strong position for the future. The final structure reflected not only the financial realities of the transaction, but also the long-standing personal relationships involved.
The management buy-out was completed in late 2025, securing Expert Africa’s long-term independence while allowing both businesses to move forward with strong foundations.
These stories are just a flavour of what’s possible when travel businesses have the right support and expertise in their team. To discuss your own plans and ideas with Firebird, and explore the solutions available to you, don’t hesitate to get in touch.
Stewart Lambert is co-founder of the Firebird Partnership, with over 25 years’ experience in corporate finance, advising owner managers on selling their businesses, raising finance and making acquisitions.
Learn all about Firebird at www.firebirdpartnership.com
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