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 strong growth into new markets, supported by a capable team and investment in the IT infrastructure.
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 which supported growth. This included developing technology tools such as 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.
- Staff numbers grew from c.130 in 2005 to 400 by the end of 2016.
- After an initial investment in 2005, Livingbridge reinvested in the business alongside another private equity house in 2011.
- The client base grew over 68% from 2011 to 2016. At exit Shani Zindel from Livingbridge, said, “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.”
“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
Reed & Mackay established
Livingbridge invests significant minority stake in Reed & Mackay
i-Q, an 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