Entrepreneurs | 4 June 2025
The Scott Dunn story: the journey to a successful acquisition

The first event of our new Business Insights Programme: 'Demystifying Growth Capital', explored alternative financing options to accelerate business growth. It follows our recent report, ‘What’s the New Ambition for UK Entrepreneurs?’, which found that a cultural aversion to deploying risk capital in the UK leads many ambitious founders to seek funding options overseas.
Our aim through this event was to share often overlooked opportunities entrepreneurs have to scale their business, while remaining rooted in the UK. To tell that story and share insights for our network, we brought together the key figures behind the Scott Dunn success story.
Founded by Andrew Dunn in 1986 at just 22 years old, luxury travel brand Scott Dunn (named for Andrew’s grandfather) started with chalets in the Alps expanded to include exclusive experiences in the most desirable destinations worldwide.
Scott Dunn’s sale to Flight Centre Travel Group in 2023 for $150 million, marked a remarkable culmination to Andrew’s almost 40-year journey with the business. But it’s just one part of the story. Nine years earlier, he sold his majority stake in the company to Inflexion Private Equity, while remaining Global President of the business to drive Scott Dunn’s growth for another decade.
Speaking to our Business Insights Programme in conversation with Jenny Edwards, Managing Director, Head of High Growth at NatWest, Andrew was joined by Philip Edmans, Partner at Inflexion and Jonathan Buxton, Partner at Cavendish – who advised Andrew Dunn and the other Scott Dunn shareholders on the sale to Inflexion. Here’s what they told us.
Position for growth with a corporate advisor
Cavendish’s role as corporate advisor helped to position Scott Dunn effectively in the market, highlighting its unique value proposition and creating a competitive environment among potential buyers.
The team undertook significant preparation, from refining strategy to expanding its offering, including a push into the US market and launching an international website. This strategic groundwork was transformative, with Andrew explaining that the business achieved 20% growth each year.
For business owners, working with advisors who understand your sector and can effectively communicate your value proposition may be the difference between needing to sell to survive and selling because it is the right strategic move.
Building a management team for long-term success
Preparing Scott Dunn for sale meant preparing it to thrive independently. The team built a robust management structure and brought in financial expertise – steps that private equity investors look for in high-potential businesses. Philip explained this made the eventual deal more appealing and easier to conclude.
This structure meant that Andrew had a multitude of options to consider selling the business to, with what he describes as a “feeding frenzy from traders, private equity and foreign buyers”.
Jonathan emphasised the importance of this preparation, explaining that if a sale had not happened or the deal was not right, the business was set up for continued success. This created significant leverage in negotiations. When a founder can demonstrate their business has a significant future growth trajectory, even after exiting the company, that increases options and negotiating power. This ultimately means that it is far more likely a founder will find the right buyer, rather than the first buyer.
Your highest value is your potential
Philip challenged the common perception that private equity is looking to take the highest possible stake in a company, for the lowest possible amount: "We are not obsessed with that entry valuation,” he said. “We are far more interested in what the business can do and can become in the future."
Gaining this understanding meant Andrew could trust that Inflexion was interested in acquiring more than a brand name, but the potential of his business as it existed. Rather than chasing short-term returns, they focused on what made Scott Dunn great and doubled down on it.
But the real key to the partnership was ensuring Andrew’s values and vision for the company matched Inflexion’s. “Spend quality time making sure you’re seeing eye-to-eye,” Philip advised. “It’s all about being aligned from the start.”
For entrepreneurs considering equity investment, the lesson is not to compromise your values in favour of a higher valuation. Find a partner who shares your vision and understands how to build on your existing success.

The Coutts business insights programme
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