Supporting Sunways on the Acquisition of Gem Travel
The move marks a significant step in Sunways’ continued growth within the UK corporate travel sector
Overview
Xeinadin is proud to have supported longstanding client Sunways Business Travel in the successful acquisition of Gem Travel, marking a significant step in the company’s continued growth within the UK corporate travel sector.
Sunways Business Travel, an owner-managed business and ranked the 44th largest Travel Management Company (TMC) in the UK in 2025, with turnover of approximately £14 million, has built a strong reputation for delivering high-quality corporate travel services. This acquisition strengthens its market position and expands its operational capabilities.
Understanding the Challenge
As part of its growth strategy, Sunways identified Gem Travel as a complementary acquisition opportunity within the corporate travel space. However, the transaction required specialist support due to:
- The need for robust financial due diligence on the target business.
- Navigating complex regulatory requirements specific to the travel industry .
- Securing approvals linked to ATOL (Air Travel Organiser’s Licence) and IATA accreditation, both critical to maintaining operational continuity post-acquisition.
Sunways required an advisor with deep sector expertise and the ability to manage both financial and regulatory complexities seamlessly.
How We Supported the Transaction
Xeinadin provided a fully integrated advisory approach, combining Corporate Finance expertise with specialist travel regulatory support.
Financial Due Diligence
Xeinadin’s Corporate Finance team conducted detailed financial due diligence on Gem Travel, providing Sunways with clear insights into the target company’s financial performance, risks, and opportunities. This enabled informed decision-making and supported negotiations throughout the transaction.
Travel Regulatory Advisory
Given the regulated nature of the travel sector, Xeinadin also played a key role in managing regulatory approvals, including:
- Supporting the change of control process with the Civil Aviation Authority (CAA) for ATOL compliance.
- Providing guidance on IATA approvals, ensuring continuity of airline ticketing capabilities post-acquisition.
This combined expertise ensured the transaction progressed efficiently while maintaining compliance with all industry requirements.
The Team Behind the Deal
The project was delivered by a multidisciplinary Xeinadin team with strong sector knowledge:
- Yasin Khandwalla – Lead relationship contact, overseeing client delivery
- Muhammad Mustafa – Corporate Finance, Financial Due Diligence
- Charles Needham – Corporate Finance, Financial Due Diligence
- Zoe Powell – Specialist support on travel regulatory approvals, including ATOL and IATA
Legal advice to the buyer was provided by Travlaw, specialists in travel sector legal services.
Delivering a Successful Outcome
With Xeinadin’s support, Sunways Business Travel successfully completed the acquisition of Gem Travel, strengthening its position in a competitive and highly regulated market.
The transaction demonstrates the importance of combining financial insight with sector-specific regulatory expertise, particularly in industries such as corporate travel where compliance and operational continuity are critical.
About Our Corporate Finance & Travel Sector Expertise
Xeinadin works with ambitious, owner-managed businesses to support growth, acquisitions, and strategic transactions. Our Corporate Finance team combines technical expertise with deep sector knowledge, including specialist experience in the travel and aviation industry, enabling clients to navigate complex deals with confidence.
What the client said
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