What Happens to a Travel Company Owned by Private Equity for Too Long?

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.