Travel agent to stars including Lady Gaga, Jay-Z and Foo Fighters, The Appointment Group (TAG) saw its sales jump ahead of its £100m takeover earlier this year, according to newly-filed documents.
The British company, which organises the tour itineraries of some of the world’s most high-profile musicians, saw its turnover increase to a record £54.1m in 2023, up from £40.7m in the year before.
TAG said this income was bolstered by strategic acquisitions of four US and Asian companies, including holiday provider Atlantis Travel and Tours in October and New Zealand travel and entertainment specialist Sound Travels in December.
It added that it had also benefited from an increasing number of artists going on tour, as well as the increasingly ambitious scale of their productions.
Despite this, TAG reported a dip in its pre-tax profit for the year, which came in at £10.9m compared to £11.7m in 2022. This was primarily down to the four acquisitions completed during the 12 months.
In a statement published on Companies House, the firm said: “The group continues to perform well when compared to its peers and continues to focus on offering a high quality, high touch service to its clients.
“The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) profit has increased from £13,187,000 in 2022 to £17,590,000 in 2023.
“Net turnover globally was strong in 2023 and grew significantly when compared with 2022.
“The markets in which the group predominantly operates within continue to grow with market intelligence suggesting further growth in 2024.”
TAG sale to ECI
TAG’s successful 2023 season will come as good news for its new owner, the private equity firm ECI Partners, which bought the company in April 2024.
ECI, known for its ownership of companies, including Auction Technology Group, emerged victorious in a bidding war for the group, which had been listed for £100m.
The private equity firm outbid competitors Livingbridge and Equistone to secure the acquisition.
George Moss, partner at ECI, said at the time: “We are excited to be partnering with TAG and leveraging ECI’s experience of investing in the travel industry to propel this global leader to new heights in the global entertainment and corporate travel markets.
“We are looking forward to working with the management team to continue innovating TAG’s service model, investing in technology and supporting the next stage of growth in its global footprint.”