Barrhead parent to refocus on 'organic growth' in the UK

Rizzi, though, didn’t rule out further acquisitions in the UK, and said the financial challenges posed by the pandemic would continue to present "really interesting consolidation and combination opportunities".

However, he stressed the immediate focus would be organic growth. "Growing organically is the hardest thing you can do, but it’s a true sign of business health," he said. "Our businesses here are growing their distribution. They’re attracting new contractors, which is exciting. It means the value we’re providing them is resonating. They wouldn’t join us if they didn’t find value in it."

Rizzi said Barrhead would continue to grow "smartly"; the Scottish agency chain is preparing to open a new store in Northwich, and will look to reposition some existing outlets. It recently relocated its Dundee store to a new shopping hub to reflect the changing retail landscape in the city.

"Organic growth within Barrhead is more about expanding business with clients who have travelled with us before, growing that base, upselling to existing clients and improving our conversation rate against enquiries," Rizzi continued.

"All of these things drive organic growth without having to expand the actual footprint. It’s about how we provide more services we can monetise and with which we can create revenue opportunities."

Bucket lists becoming ‘to-do lists’

Rizzi added that while he saw opportunities to grow experiential travel, especially culinary or "foodie" trips, and adventure travel, it was the luxury sector Internova had identified as having the greatest potential for growth.
"I’ve been with some of our largest independent contractors here and asking them what they were seeing with their largest luxury clients," he said. "And they’re seeing demand for ’uber-luxury’, taking things to the next level.

"The folks that had terrific financial wherewithal weren’t impacted negatively like a lot of people were during the pandemic, some of them got wealthier. They’re looking at ways to take privacy to another level through villas, private yachts and private jet charter.

"Trips are getting longer, people are hosting family reunions. One of our partners at Royal Caribbean recently told me, ’it’s no longer a bucket list, it’s a to-do list’. Folks are saying, ’I’m not going to live forever, who knows what the next variant holds?’. They’re not waiting, they’re booking these trips now."