Potential sale of Audley Travel ‘put on hold’ amid upheaval in stock markets

Investment firm 3i Group has reportedly postponed the sale of Audley Travel as upheaval in global stock markets created too much uncertainty in company valuations.

The private equity firm had been hoping to raise £600 million from the sale, according to the Financial Times, which first reported the development.

Bankers have been shelving many deals affected by the market volatility caused by US trade policy in recent weeks. 

3i Group appointed advisor Baird to assess possible strategic options for tailor-made operator Audley Travel last October.

However, the company said at the time that there had been no decision on whether the review would lead to a sale, or if the private equity firm would hold onto the asset.

Audley Travel, led by chief executive Nick Longman, has been part of 3i Group’s investment portfolio for 10 years, during which time it has expanded in the US, and now has offices in London and Boston.

The Oxfordshire-based tour operator founded in 1996 provides trips to more than 100 destinations. The company expanded in to the US in 2014 with the opening of the Boston office that has grown to generate around a third of total revenues. 

3i completed a refinancing of Audley Travel in 2018 with the support of its banking team and provided a “meaningful” capital injection to support the business through Covid, supporting liquidity and enabling continued investment in the a booking platform.  

Audley Travel referred Travel Weekly to 3i for comment. 3i declined to comment.