Big Tent 2026: Succession planning and the widening age d Continued from page 56


by 7% in the quarter, the first in the airline’s current financial year, ahead of a 5% increase in capacity. The airline has increased seat capacity by 3% for the full year. Saga likewise reported strong


bookings and pricing in its cruise and travel businesses in a trading update two days before its financial year end. It forecast an improvement in pre-tax profits on the back of “strong performance” across travel. Group chief executive Mike


Hazell reported trading “ahead of expectations, particularly in travel”, with “a material increase in the number of customers taking our hotel and touring holidays” while “demand for our ocean and river cruises continued to grow”. Saga Holidays saw an 11%


increase in passengers and 13% rise in revenue year on year, while Saga Cruises recorded a 10% increase to £394 in average daily revenue per ocean cruise passenger. Saga is due to publish its annual results in April. Wizz Air provided the only


sour note in a quadruple set of industry results last week (January 29) with operating losses for the three months to December showing a 63% deterioration to €124 million despite a 10% rise in revenue and a 12.5% increase in passenger numbers. The carrier continues to be


dogged by engine maintenance issues with 33 aircraft grounded at the end of December and an average 20-25 forecast to be on the ground throughout 2026-27. However, chief executive József Váradi insisted: “We are steadily recovering from the engine- related aircraft groundings.”


Succession planning vital before sale, owners told


Business owners have been advised to have a succession plan in place as inheritance tax changes spark rising enquiries. Owners attending Travlaw’s


annual Big Tent event were told to consider their future role and ensure management was in place post-sale to ensure a smooth transition. Zoe Powell, director of travel,


hospitality and leisure at accountancy firm Xeinadin, said: “Do you want to stay in the business part-time, or are you fully exiting?” She reported an increase in


succession planning enquiries from family businesses due to imminent inheritance tax changes, but also more generally from owners planning to retire. “We’re getting a lot more [owners] in their 60s and 70s looking at what’s next for their business,” she added. Inheritance tax changes from


April 6 will see full business property relief capped at £2.5 million per individual, with any business value


M&A increase will make groundwork even more critical


Businesses have been told to do the groundwork prior to buying a business amid predictions of a rise in mergers and acquisitions this year. Travlaw’s Ami Naru said the


company was already seeing “increased activity” in the travel sector, in terms of sales and acquisitions. But she warned buyers not to be complacent if acquiring


54 5 FEBRUARY 2026


whether they have management in place for after their exit, as well as the company’s financial status. “What is it you’re looking for


[financially] that enables you to stop earning? Then work out whether your business is in a financial state that can get you that number,” he said. Speaking from the audience,


Zoe Powell


above that only qualifying for 50% relief. Powell stressed that all industries were affected despite the media’s focus on family farms. “It affects all businesses, including


travel,” she said, adding: “Our tax experts have been seeing more enquiries about how to change control or pass to family members in a secure way.” Simon Atkinson, head of travel


at Barclays Corporate Banking, said owners making succession plans should consider the importance of their role in the company and


a family business or a company known to them. She told the event: “Inheriting


or buying a business from a family member doesn’t mean you don’t do your due diligence – it’s even more important. You might think you know a business, but you don’t until you’ve done that due diligence.” Simon Atkinson, of Barclays


Corporate Banking, predicted more M&A activity this year as private equity companies look to exit. “Those private equity houses


that have been into travel businesses for a lot longer than they would be normally…are now


looking for an exit route,” he said. “We want to speak to more


businesses in the mid to low end, where succession planning is being thought out about a little bit more.”


travelweekly.co.uk


Deborah Potts, director of Summit Advisory, said interest from buyers rose if a strong management team was in place after the sale. This often meant recruiting a successor prior to selling, she said, adding: “It shows you’re serious about selling.” Travlaw partner Ami Naru


stressed the importance of the workforce demographic in succession planning. “Is the business diverse enough, or is it top heavy in terms of age?” she said. “Work out what your business


plan is, what your long-term projects are, and make sure you’re going to have staff who can facilitate that at both ends.”


Ami Naru


PICTURE: David Robinson


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