Rabbie’s Tours receives private equity funding
Tour company Rabbie’s has received £7 million from a private equity firm to help it rebuild from the pandemic downturn.
Consumer brands investor Piper said the investment would help the Edinburgh business remain a market leader in off-the-beaten-track tours.
Rabbie’s was founded by Robin Worsnop in 1993, taking small groups on minibus tours around the UK. It has a fleet of almost 100 vehicles.
It was badly hit by the Covid-19 lockdowns and Mr Worsnop estimated that the company lost millions of pounds in revenues in 2020 as income was effectively wiped out.
However, sales have picked up, with bookings in April this year 25% higher than the same period in 2019.
The firm recently expanded into Europe, with trips in Spain, Portugal, Italy and Switzerland.
Piper’s minority investment will see Mr Worsnop continue to stay on the board as a majority shareholder, alongside the core management team.
Hugo Kimber, former executive chairman of adventure tours brand Explore, will join the board as chairman.