Intrepid Travel

Intrepid Group Limited (Intrepid Travel) is an adventure tour operator established in 1989, with offices based in 26 countries around the globe.

Industry:

Arts and Recreation Services

Sector:

Tourism

Solution:

Working Capital

Region:

Oceania

Need

Intrepid Travel needed finance to continue to expand and grow when international travel and tourism resumed.

Solution

Our $30m loan enabled Intrepid Travel to position the business to meet the rapid recovery in international travel demand.

When Australian borders reopened, Intrepid Travel was ready and able to grow rapidly to keep up with the increased demand across the industry. The key to this success was being prepared for the anticipated boom – we were able to support the business with the finance it needed to prepare for this growth.

Headquartered in Melbourne, Australia, and founded in 1989, Intrepid Travel has grown from carrying 47 customers in its first year to offering trips to more than 120 countries on all seven continents. In 2022, the business - the largest adventure travel company globally - experienced record sales as demand for international travel adventures soared. This was despite Australia's borders having been open for less than a year, and the strong demand meant it returned to profitability in Q4 2022.

Intrepid Travel’s approach to travel is distinct in that it puts responsible travel at the forefront, and that’s what the business has done for more than 30 years.

“We're trying to benefit all the stakeholders that interact with Intrepid, including our people, our customers, our partners, the communities and the environment,” explained James Thornton, Intrepid Travel CEO. “It’s a new and emerging view of business; that business can actually be a force for good.”

Export Finance Australia's support has been critical in helping us position the business for the rapid growth we’ve experienced since borders reopened.”

James Thornton

CEO, Intrepid Travel

Navigating the challenges of an industry on hold

Historically, Intrepid Travel had always been self-funded, running a profitable business from day one through reinvesting funds into the organisation and being financially conservative.

“That stood us in good stead going into COVID-19, but the pandemic impacted all travel businesses,” James said. “It didn’t matter how strong the balance sheet was, the reality was that as a result of the pandemic, our revenues were hugely depleted.”

The business started talking to the Australian Government in 2020 about what options might be available for successful Australian-owned travel companies that have been impacted by the pandemic. This is when Intrepid Travel connected with our team at Export Finance Australia.

Since then, we have worked closely with Intrepid Travel to support the business with finance. First to provide additional working capital during COVID-19 and then, following its quick bounce back when international borders reopened, to support its day-to-day operations and global growth.

“We're aiming to become the world's first purpose-led $1 billion-dollar adventure travel company,” James said.

Turkey Goreme Cappadocia Cooking Class July2019 0092 Fresh

Taking advantage of the travel boom

Looking ahead, James expects to see continued high demand for travel.

Intrepid Travel’s focus moving forward is to use the funds that we provided to capitalise on this bounce back. This includes market expansion and growing the business into new markets as well as product innovation and expanding its current range of products.

Through digital transformation, to improve the digital customer experience and streamline processes, James believes the business can continue to grow responsibly.
“Global travel has bounced back rapidly but in particular, demand for our style of experience-rich travel is stronger than before,” James said. “At Intrepid, we have been able to transform and strengthen our business and we believe the opportunity ahead of us is bigger than ever.”

When the pandemic brought the industry to a halt, more than two-thirds of Intrepid Travel’s customers chose to take a credit note, enabling them to travel in the future. The business also expanded its offering in Australia to cater to domestic travellers.

“In 2022, Intrepid experienced its record sales day, recording bookings of $6.1 million on one day in December,” James highlighted. “The rapid recovery has also seen us return to profitability. That result was almost unimaginable just one year earlier – our customers are exploring the world again and we’re excited to continue to provide them with unforgettable experiences that also create a positive impact for communities.”

“As a global leader, and with the support of Export Finance Australia, Intrepid Travel is well positioned to meet the demand for responsible travel and to continue to give back to the people and places that it visits.”

Intrepid Travel

Need

Solution

Navigating the challenges of an industry on hold

Taking advantage of the travel boom

Intrepid Travel

Apollo

Adrenalin Snorkel and Dive

Intrepid Travel

Need

Solution

Navigating the challenges of an industry on hold

Taking advantage of the travel boom

Need finance for your business?

Intrepid Travel

Apollo

Adrenalin Snorkel and Dive