“It has been enjoyable and rewarding working with Livingbridge to help strengthen Reed & Mackay’s international footprint and to develop the value proposition in line with client demand. We have achieved a huge amount together.”
Fred Stratford, CEO
The story in brief
Reed & Mackay provides business travel services to many of the City’s top legal firms and companies within the finance and insurance sectors.
In 2005 Livingbridge’s investment enabled the founders to realise a return and allowed new members of the management team to participate in the equity of the business.
Since 2005 the group has seen exceptional growth into new markets, supported by a strong team and IT infrastructure.
“It has been fantastic to have been part of the Reed & Mackay growth story over the last 11 years, a period that has seen them flourish as a market leader in strategic travel management for blue chip organisations.”
Shani Zindel, Livingbridge
Travelling together into new markets
The management team was strengthened with the appointment of a new finance director and a new non-executive chairman, both with extensive experience in the travel sector. The group expanded its global presence with new offices opening in Scotland, the US and the UAE. The group expanded into new sectors including oil, gas and exploration and the media industries. They also continued to develop the existing market in core city business sectors.
There was significant investment in IT infrastructure supported growth. This included developing technology tools including a market leading online booking tool, traveller app and travel risk management platform. A 97% client retention rate (as of March 2016) demonstrates the high quality service and value that the whole team at Reed & Mackay delivers daily to its clients. After an initial investment in 2005, Livingbridge reinvested in the business alongside another private equity house in 2011. Staff numbers grew from c.130 in 2005 to 400 by the end of 2016 and the client base grew over 68% from 2011 to 2016.
Reed & Mackay established
Livingbridge invests significant minority stake in Reed & Mackay
i-Q, in-house developed next generation IT platform is launched
Livingbridge reinvests in the business alongside another private equity house
Successful sale of Reed & Mackay in a third private equity backed transaction