We provide for…
It is a common misconception that small companies are difficult to insure. Our policy has always been to encourage smaller companies, as this is where we see the most opportunity for growth. These are very often family businesses with a ‘niche’ product, and are content to work within the financial resources available.
As long as the company can demonstrate a suitable trading record, and future plans are not too ambitious, underwriters will usually be happy to consider any small company organising genuine inclusive tours.
In cases where the travel business does not have a trading record, we normally try and visit each applicant if we think it is likely to be a company that has a long-term future. On occasions underwriters can make a fairly rapid decision, which may be that they would prefer to see a period of successful trading before being prepared to offer a quotation. We can provide you with sample spreadsheets and a business plan on request.
In other cases underwriters will consider that the owners have the experience and flair to make a success of the new venture, and will be prepared to back the operation from the outset. If underwriters are able to offer terms, these may include some additional commitment from the owners during the formative period of the business.
Large Travel Organisers
The majority of our clients have been trading for more than three years, and are able to demonstrate a successful trading record. We cater for all sizes of bonds for well-established operators at very competitive rates.
With the larger, or more complicated risks, we will very often encourage the sharing of the bond between a number of obligors, or with the client’s bank, if it suits to use a combination of insured bond and secured assets.
Management Buy Outs
We have participated in the process of issuing bonds for a number of high profile MBOs. We recognise the need to respect the confidential nature of these transactions. Bearing this in mind, it makes sense to contact us early in the process so that the bonding arrangements can form an integral part of the negotiation.
Accounting Consultancy Role
We can put you with in touch upon request with a professional accountant consultant, charging £28 per hour, with appropriate travel industry experience, offering a role from accounting to help with your operations, sales and marketing or impartial advice if anything is lacking. This service is geared towards SME’s that can’t afford to employ a dedicated director, non-executive director or accountant.