travel trade consultancy

City of London , United Kingdom

December 2023

Management consultant - for-profits

Service with Minor Environmental Footprint

United Kingdom

Travel Trade Consultancy

Travel Trade Consultancy (TTC), The Travel Vault and Stonecot Trustees are a family of businesses delivering expert advice and bespoke services to the travel trade while creating a positive impact on our people and communities. TTC helps travel businesses find solutions to complex regulatory, financial and strategic problems to save them time, money and resources. We’ve spent years helping travel companies do their best work. Some of the biggest travel businesses in the world trust us to solve their problems. We’ve helped travel start-ups get started, and tour operators improve operations. We’ve even helped airlines get off the ground. Plus, our combined 57 years spent working for the UK travel regulator the Civil Aviation Authority means we bring a unique perspective to the table along with our know-how. In our family of companies, we also have an insurance broker (The Travel Vault) and we can provide travel trust and escrow services through Stonecot Trustees. Our group provides answers to the most complex issues facing travel businesses, and our unique offering means we can create hybrid solutions tailored to your organisation.

Overall B Impact Score

Governance 18.4.

Governance evaluates a company's overall mission, engagement around its social/environmental impact, ethics, and transparency. This section also evaluates the ability of a company to protect their mission and formally consider stakeholders in decision making through their corporate structure (e.g. benefit corporation) or corporate governing documents.

What is this?   A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.

Workers 35.8

Workers evaluates a company’s contributions to its employees’ financial security, health & safety, wellness, career development, and engagement & satisfaction. In addition, this section recognizes business models designed to benefit workers, such as companies that are at least 40% owned by non-executive employees and those that have workforce development programs to support individuals with barriers to employment.

Community 16.6

Community evaluates a company’s engagement with and impact on the communities in which it operates, hires from, and sources from. Topics include diversity, equity & inclusion, economic impact, civic engagement, charitable giving, and supply chain management. In addition, this section recognizes business models that are designed to address specific community-oriented problems, such as poverty alleviation through fair trade sourcing or distribution via microenterprises, producer cooperative models, locally focused economic development, and formal charitable giving commitments.

Environment 12.5

Environment evaluates a company’s overall environmental management practices as well as its impact on the air, climate, water, land, and biodiversity. This includes the direct impact of a company’s operations and, when applicable its supply chain and distribution channels. This section also recognizes companies with environmentally innovative production processes and those that sell products or services that have a positive environmental impact. Some examples might include products and services that create renewable energy, reduce consumption or waste, conserve land or wildlife, provide less toxic alternatives to the market, or educate people about environmental problems.

Customers 3.0

Customers evaluates a company’s stewardship of its customers through the quality of its products and services, ethical marketing, data privacy and security, and feedback channels. In addition, this section recognizes products or services that are designed to address a particular social problem for or through its customers, such as health or educational products, arts & media products, serving underserved customers/clients, and services that improve the social impact of other businesses or organizations.

Previous Overall B Impact Scores

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Thanks for tuning in to our February edition of TTC Insights Travelcast. We hope you found it useful and insightful. We know your time is valuable, and we appreciate you spending some of it with us. You can view Martin's slides here.

We would love to hear your thoughts,  feedback  and any questions you may have about the topics we discussed. So please don't hesitate to  reach out to us.  We're always here to help.

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News and insights

6 tips to help you sail through the March ATOL renewal

TTC Director Simon Brodie shares top tips for the March 2024 renewal round.

Ryanair v online travel agents: TTC in The Telegraph

In a recent interview with The Telegraph, Martin Alcock shared his view on the ongoing battle between Ryanair and OTAs.

TTC Travel Fundamentals - 4 February 2024

Take a look at our latest TTC Travel Fundamentals with a monthly summary of consumer data, travel trends and not to be missed deadlines.

Sponsor Martin and Simon on Trek for Good 2024

Travel Trade Consultancy's Martin Alcock and Simon Brodie are joining the UK travel industry's 2024 Trek For Good to raise funds for two important causes.

We'd love to know if you enjoyed the event, please share you feedback here.

Barclays Consumer

Spending Report

Company results

What we covered

Latest regulatory updates

Macroeconmic picture and consumer spending

Latest trading results

Martin Alcock

[email protected].

Simon Brodie

[email protected].

Craig Brightly

[email protected].

Here are a few highlights: Martin on consumer confidence [11:44]: "Despite what is a challenging backdrop and the recession situation we have to deal with, confidence is actually on the up... And it's back up to fairly positive levels. Not too far away from the peak over the last five years". Craig on the number of transactions and average transaction value for Trust Payments clients [15:35]: "Whilst it might seem mundane that there's not much change in profile from one year to another, I think because January 2023 was so successful and 2023 as a whole. I think this is actually a success story, knowing that the profile hasn't changed too much."  Simon on the latest ATOL, ABTA and ABTOT renewal round [55:02]: "We've had a few renewed already, some of the more straightforward cases, shall we say, that we knew would be dealt with quite quickly...Probably a bit behind the curve on a few of the larger ones for a good reason: we're still waiting for the budgeting process to complete on some of these clients".

Unriddling the Travel Regulations: ATOL workshop Tuesday 20 June

When it comes to understanding the ATOL regulations, you’ve probably already discovered there’s a lot to learn. That's why we put together this course.

It's the course we wish we’d had when we started working in the travel industry. 

So let us demystify the complicated regulations.

Our approachable, knowledgeable experts will explain clearly the things you need to know in a supportive, safe environment. Perfect for finding answers to those burning questions you’ve always wanted to ask! 

Date: Tuesday 18 June

Time: 9:30am - 12:00pm

Where: A virtual, interactive workshop

More details: www.ttce vents.co.uk

About Travel Trade Consultancy

We’ve spent years helping travel companies do their best work. Some of the biggest travel businesses in the world trust us to solve their regulatory, strategic or financial problems.

We’ve helped travel start-ups get started, and tour operators improve operations. We’ve even helped airlines get off the ground.

Plus, our 57 years spent working for the UK travel regulator the Civil Aviation Authority means we bring a unique perspective to the table along with our know-how.

Haven't met all the faces behind the bus iness yet?

Our hard-working, knowledgeable, approachable team bring 159 years of specialist travel industry expertise to the table. 

International Trade

Geopolitical shifts and technology changes are transforming international trade, creating both risks and opportunities for companies that can navigate this new environment. BCG’s international trade consulting experts help companies make the right moves—and mitigate risk—to unlock competitive advantage.

For decades, companies built their global strategies around a set of basic premises. International trade and investment would grow ever freer, continue to drive global GDP growth, and be governed by multilateral rules and institutions. To secure a cost advantage, companies should build vast global footprints that enable them to manufacture and source in low-cost nations, and sell into virtually any national market.

Geopolitical shifts, disruptive technologies , and changing cost structures around the world are shattering assumptions of international business . The rapidly evolving, increasingly complex international trade environment certainly presents great risks. But it is also creating enormous opportunities for companies that know how to navigate it and are agile enough to adapt.

How BCG Helps Companies Adapt to the New Normal of Trade

Taking a “wait-and-see approach” will not lead to an advantaged position for firms and governments. We help clients identify and implement a clear set of proactive moves to mitigate risk and seize competitive advantage as the international trade environment evolves:

• Assess exposure. The first step for a company to take is a hard, analytic look at their manufacturing, supply, and distribution footprints to assess their exposure to changes in trade rules. Quantify the potential impact on revenues, costs, and production assets throughout the value chain.
• Understand dynamics. Abrupt trade policy changes can shift the entire competitive landscape in different ways for different companies. Determine the strategic implications of new trade rules for each product in specific markets, such as their price competitiveness and market access. Also assess the exposure of each competitor and its suppliers to understand the relative impact and identify potential opportunities.
• Identify potential levers. Develop a set of all potential actions that can be taken in response to trade policy changes under different scenarios in order to both mitigate risk and gain competitive advantage. Identify proactive as well as reactive actions, as well as triggers that indicate when to pull these levers.
• Build resilience. Identify no-regret moves that can be taken preemptively at little cost, such as prequalifying new suppliers, in order to create options and flexibility to move quickly in case of a sudden change in international trade rules.
• Create a playbook. Develop a set of actions to be taken under different scenarios, and make sure leadership is aligned on which moves to make in certain circumstances.
• Shape policy. While there is still time, seek to influence policy while it is being made in order to create a competitive advantage.

The Trends Transforming International Trade Policy

To stay ahead, it is important to understand the megatrends that are transforming international trade. The following changes are not just driving headlines in the business press—they are affecting real companies in a very significant way:

Economic nationalism is rising. Anti-globalization movements on both the left and right of the political spectrum have fueled Brexit, trade wars, and renegotiation or withdrawal of multilateral agreements such as NAFTA and the Trans-Pacific Partnership.

State capitalism is expanding. The global footprint of state-owned enterprises, especially from China, is growing, even though they remain protected in their home markets.

Supply chains are becoming more local. Decreasing “labor arbitrage” driven by automation and increasingly flexible Industry 4.0 advanced manufacturing systems are making it more economical and practical to produce goods closer to customers, while diminishing the need for long-distance global supply chains .

The digital economy is supplanting the physical economy. While growth in cross-border merchandise trade slows, international, trade in services and value-added solutions via digital platforms is expanding.

One medical equipment maker was relieved at first when South Korea had negotiated an exemption from 25% US tariffs on steel; it was using specialty Korean steel in one of its devices. That all changed when significant supply-chain disruption set in and the firm realized that its supplier did not receive a quota allocation, and that it could not import this essential component at any price until the next quota allocation was granted three months later.

Also, a prominent Turkish white goods player was able to seize a significant market opportunity in the US when a large Chinese player was hit with US Tariffs on China.

Some may still argue that these examples are the results of specific political leaders in specific countries, and that once those leaders are gone, these sorts of problems will disappear. However, while the current political tensions around trade in many parts of the world may evolve, the four megatrends mentioned above will ensure that the international trading system will not return to the broad trend of trade liberalization and economic globalization that the world saw in the 1990s and 2000s.

Explore Our Insights on International Trade

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As global trade patterns change due to disruption, regional trade blocs with protectionist leanings gain influence.

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Trade disruptions have prompted many global companies to shift where they produce and source goods. But getting the desired results requires a difficult balancing act.

Your Next Move in a Shifting Trade Landscape

Global trade has been transformed by Brexit, geopolitical tensions, the pandemic, and other shocks. Here’s how North American companies are adapting.

The Unwinding of Global Tech Supply Chains

A wave of new rules is making it a riskier world for corporate technology pipelines. Understanding—and planning for—the challenges will be crucial.

Meet Our International Trade Consultants

Managing Director & Senior Partner

Partner & Director, Global Trade & Investment

Associate Director, Global Trade & Investment

Partner and Associate Director, EU & Global Trade and Investment

Associate Director

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WE’LL TAKE YOU THERE

The American Society of Travel Advisors (ASTA), the world's leading association of travel professionals, is the global advocate for travel agencies, the travel industry and the traveling public. We champion ethical and traveler-friendly practices and policies at every level of government and throughout the travel and hospitality industry. Our members are all bound by a shared code of ethics.

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ASTA's specialized courses range from legal issues and marketing to artificial intelligence. There’s also a wide array of travel advisor fam trips, training and certifications with significant ASTA member discounts on all programs.   

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Discounted rate of £199+VAT for clients

Date: Tuesday 18 June  Time: 9:30am - 12:00pm Location: Virtual

Unriddling the travel regulations: air travel organiser's licence (atol), are you new to the travel industry and struggling under the weight of confusing acronyms like atol, att and apc have you recruited new team members who need to understand how the atol scheme works  do you need a refresher on the basics are you worried your travel business may not be meeting your legal or regulatory obligations  if you answered "yes" to any of these questions, you're in luck our unriddling the travel regulations: atol course was built for you .

Really great session. The speakers were really good and engaging, covered a wide range of topics and a really great introduction for someone new to the travel industry like me!

It was well structured and informative. 

Erdinc Karli - Detur Group

The session was clear, concise and kept everyone engaged.

Great session guys - really informative.

Course feedback

When it comes to understanding the ATOL regulations, you’ve probably already discovered there’s a lot to learn. That's why we put together this course.

It's the course we wish we’d had when we started working in the travel industry. 

So let us demystify the complicated regulations.

Our approachable, knowledgeable experts will explain clearly the things you need to know, in a supportive, safe environment. Perfect for finding answers to those burning questions you’ve always wanted to ask!  

What you'll get from the event

A chance to ask TTC’s ATOL experts any burning questions.

A takeaway “jargon buster” - a handy reference companion that summarises the key terms and acronyms. 

A timetable of key dates and reporting deadlines for your business.

A checklist you can use to make sure you’re following the rules.  

Confidence when discussing your company’s ATOL responsibilities.

Top tips on what the regulators are looking for and how to keep them happy.

A certificate of completion to go towards your Continuing Professional Development (CPD) accreditation.

You’ll come away with a thorough understanding of the ATOL framework: why it matters, when it applies and what you must do to keep yours.

Martin Alcock Director

View biography.

Simon Brodie Director

Alison Evans Business consultant

Please note that speakers are subject to change.

Event prices

TTC, Travel Vault and Stonecot clients:  £199 + VAT

Non-clients: £250 + VAT 

Early bird offer: buy 2 spaces get a 3rd free

Please contact [email protected] for more information.

Why Travel Trade Consultancy?

We’ve spent years helping travel companies do their best work. Some of the biggest travel businesses in the world trust us to solve their regulatory, strategic or financial problems. We’ve helped travel start-ups get started, and tour operators improve operations. We’ve even helped airlines get off the ground. Plus, our 57 years spent working for the UK travel regulator the Civil Aviation Authority means we bring a unique perspective to the table along with our know-how.

Got any questions?

Please drop us an email at [email protected] or call  020 8853 3700.  

Contact the travel trade experts

020 8853 3700

One size doesn’t fit all – 6 ways to recognise revenue in the travel industry, and 3 things to consider when assessing your options

The modern UK travel sector is pretty much the opposite of one-size-fits-all. Holidays come in all shapes and sizes and so do the travel firms that sell them.

Henry Ford once famously said of the Model T Ford you can have any colour you want, so long as it is black. He didn’t believe in variety, and his products came to epitomise the production line approach to producing one-size-fits-all consumer goods.

The modern UK travel sector is pretty much the opposite of one-size-fits-all. Holidays come in all shapes and sizes, and so do the travel firms that sell them.

Take agent vs principal for example. Once upon a time, life was more straightforward. The principal was the tour operator who owned the aeroplane and the hotel. Meanwhile, the travel agent was the one in the high street shop surrounded by brochures.

These days, things are a little more complex: There are specialist tour operators and commodity travel agents, luxury differentiators and mass-market bucket shops.

It can be very difficult to work out who is who in the transaction, and with sometimes more than a year between a customer booking a holiday and returning home, there are many potential trigger points in the sales cycle when revenue could be classed as “earned”.

Hardly a surprise then, that recognising revenue is such a hot topic in the travel sector.

Taking a different road

In practice, we see our clients use many different recognition policies. The range is almost as wide as the variety of holidays they sell. Here are the 6 most common, in chronological order:

1. Booking date

The most common among agency-related revenue but certainly the more aggressive recognition policy as a principal. To mitigate the risk of cancellation as a principal, you would expect there to be a cancellation provision in place.

2. Deposit/final balance split

The customer deposit is recognised at the date of booking and the remainder on departure. Difficult to administer and dependent on terms and conditions.

3. Non-cancelable/refundable

A common trigger for recognition is the point at which the holiday becomes 100% non-refundable to the consumer. Arguably a point at which the right to consideration passes, though recent court cases challenging excessive non-refundable deposits may call this into question.

4. Supplier/customer final payment

R evenue is recognised at either the point at which the customer pays the final balance or when suppliers have been paid in full. The timing of each can vary, and the right to consideration is not as clear as when non-refundable.

5. Departure date

Considered to be the industry standard when acting as a principal.

6. Return date

Certainly the most prudent basis and not a popular one for obvious reasons.

The road map to recognition

Financial Reporting Standard 5 (FRS 5), Application Note G gave some guidance on when to recognise revenue, but it could also be interpreted in many different ways. The recent introduction of FRS 102 doesn’t exactly narrow down the options.

The fact is, there is no straightforward answer to the correct policy but here are three key points that could help you determine the most appropriate measure:

• Whose booking terms and conditions are in use? – does the company act under the terms of an agency agreement, or are sales covered by their own terms and conditions?
• Which regulations apply? – The Package Travel Regulations and/ or ATOL Regulations may give the company additional responsibilities and potential liabilities. If so, maybe recognising revenue close to departure is more suitable.
• What are the cancellation terms? – If recognising revenue in advance of departure, is there a sensible cancellation provision? What level of non-refundable deposit is collected? Would it protect the gross margin?

Ford’s production line approach certainly yielded a consistent output, and though it’s unlikely we’ll ever see consistency in the accounts of the travel industry, it’s certainly worth a look to make sure your policy is on the right road.

If you need help with anything we’ve covered in this post, please get in touch.

If you liked this article, we think you’ll love these:

• 5 KPIs every travel business should be monitoring
• Travel businesses need to protect their margins – here’s how

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