AN EDINBURGH-based tour company has received a cash injection of £7 million from a private equity firm.
Rabbie’s, which was founded by Robin Worsnop in 1993, specialises in taking small groups on tours across the UK, with a fleet of 100 luxury vehicles.
The backing from Piper, a specialist consumer brands investor, will allow the award-winning company to maintain its position as a provider of off-the-beaten track tours that support local communities in the UK and Europe, and increase awareness of the Rabbie's brand among in-bound tourists and domestic travellers.
Mr Worsnop will remain on board as majority shareholder following Piper’s minority investment, alongside the core management team comprising managing director Hazel Rickett, sales and marketing director Heather Reekie and operations director Alec Lee. They will be joined by Hugo Kimber, previously executive chairman of adventure tours brand Explore, as chairman.
Mr Worsnop said: “We are thrilled to find a partner that shares our values and ambitions for Rabbie's as we emerge from the Covid pandemic. Piper's passion for brand, purpose and culture is a perfect match for the Rabbie's team, and we look forward to making the world a better place through travel together.”
Rabbie’s booked sales of £17m in 2019. While the majority of its revenue is sourced from trips it provides in Scotland, the company has recently expanded into Europe, offering trips in Spain, Portugal, Italy and Switzerland. In a statement, it was noted that sales have rebounded quickly as the travel industry has reopened, with bookings in April this year 25per cent higher than in the same month of 2019.
Mr Kimber said: “Robin, Hazel, Heather, Alec and the team have built a great business with an incredibly strong brand and culture. I’m really excited about the opportunity to work with Piper who have a proven pedigree in growing brands while keeping the founding values of businesses at their heart.”
Piper’s other investments include Mindful Chef, Bloom & Wild, Wattbike, Orelbar Brown, Monica Vinader, The Thinking Traveller, Propercorn, Neom Organics, Loungers and Boden.
Dan Stern, partner of Piper who led the deal, said: “We are very excited to be backing the Rabbie’s team for the next stage of growth.
"Although the travel industry has been badly hit by Covid, our consumer insight work shows that people are more eager than ever to see new countries and experience new cultures. As a brand unrivalled in its satisfaction levels among customers, Rabbie’s is exceptionally placed to benefit from this pent-up demand as we emerge from the pandemic.”
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