Intrepid co-founder Darrell Wade, ahead of Skift Global Forum, says the company now includes customer flights in its carbon accounting, adopting a total product lifecycle target and investing in decarbonization. He argues operators should own emissions they create demand for.
Private equity-backed Flagship Group announced its first acquisitions: Amigo Tours, WalksDevour, and Askos Tours, providing coverage across North America, Europe, and Japan. The move aims to consolidate the highly fragmented tours and experiences market, benefiting operators, distributors, and guests.
Audley Travel, a tailor-made tour operator, achieved record revenue of £482 million in FY2025 but reported a net loss of £23.3 million due to financing costs exceeding operating profit. The company has total borrowings of £610 million, including £434 million in shareholder loan notes with 10-15% annual interest. 3i Group, holding 48% equity, has owned Audley for nearly 11 years, launched a sale in late 2024, but shelved it by April 2025 after rejecting offers.
Luxury tour operator Black Tomato has transferred 75% of the business into a newly established Employee Ownership Trust, in a deal completed in early July and led by advisory firm Grant Thornton, which conducted an independent valuation (undisclosed). The three founders retain a 25% minority stake via a new B share class while preserving decision-making power, with existing management and the board staying in place under trustee oversight. Rather than selling to private equity, co-founder Tom Marchant framed the move as an "evolution, not an exit," designed to lock in independence, protect the company's culture, and offer employees future upside. The structure uses deferred consideration pa…
The article analyzes the distinct capital allocation strategies of three multi-day tour operators: Lindblad focuses on acquiring founder-led brands, with its land segment contributing ~84% of operating income; Travelopia is divesting assets to address 2027 debt maturities; Intrepid uses net cash to acquire brands and integrate its ground delivery network. These strategies reflect different views on value creation.
TravelTech Show research shows travel operators are increasing AI investment, with 64% planning to increase spending in the next 12 months and 21% expecting to double. AI's main impact is on data analysis, reporting, and online visibility. Instagram is now the most effective marketing platform.
Byway has partnered with TUI to bring flight-free travel to the UK mainstream, placing its products in 329 TUI retail stores nationwide. This enables agents to sell overland options alongside traditional package holidays, giving Byway access to a large offline distribution channel. Bookings are up 1.8 times year over year as travelers seek alternatives to air travel. Through the integration, TUI agents can build and book multi-stop rail- and ferry-based itineraries using Byway's platform. Rail travel produces roughly 14 grams of CO2 per passenger mile compared with 285 grams for air, according to Byway.