LITTLE SIGN OF “FROTH” IN THE UK
THE UK'S LEADING TMCs 2026
The United Kingdom is the fifth largest business travel market in the world, according to the Global Business Travel Association.
22 June 2026
In 2025, spend was expected to amount to £45.2 billion, up from £40.3 billion in 2024. This meant that British business travel had finally recovered to pre-Covid levels.
This came despite GDP growth not being meteoric.
The UK’s economy grew by 1.4 per cent in 2025, up from 1.1 per cent in 2024.
Clive Wratten, CEO of the Business Travel Association and a member of the Leading TMCs advisory board, said that “business travel was close to flat for the first time in a while”. He continued: “In 2025 for BTA members there was a small decline in passenger traffic to North America over 2024 but overall IATA traffic was slightly up.”
The increase in volume of trips among BTA members was +0.20 per cent; average fares rose by 1.97 per cent cross the year compared to 2024.
SMEs bucked the trend if research from Travel Counsellors for Business is to be believed.
A survey of 1,000 UK SMEs fielded for the company in mid-2025 showed that nearly two-thirds of SMEs (62 per cent) had planned to increase their international travel budgets over the following 12 months, with average annual spend projected at £47,865.38 - a 12 per cent jump on 2024.
Of course, increased business travel spending does not always equate to more business trips. Air passenger duty went up again in 2025 and the duty now stands at £224 for flights over 5,500 miles in anything other than the lowest class offered. The tax raises just £4.6 billion for government coffers, just 0.4% of all tax receipts.
UK's LEADING TMCS 2026 (1-16)
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SO WHAT WAS ON THE MINDS OF UK TMCS?
“The buzz acronym of 2025 was AI. ... The TMC sector is learning what it can do, what it can improve and where it can help every day,” said Wratten. Aside from buzzy tech, Wratten noted a number of earlier trends re-emerged in 2025.
“Sustainability seemed to jump up the priority list a little again. Staff attraction and retention remained the same. Frustration with distribution continued,” he said.
TMC consolidation was of course on the agenda. If you disregard the Amex GBT – CWT merger, consolidation in the UK TMC sector was quieter than in 2024. One notable deal was Direct Travel’s acquisition in September of ATPI. ATPI was itself a product of consolidation two decades ago when Advanced Travel Partners, TelMe Farebase, Seaforths Travel and Ayscough Travel got together.
“The combination of Direct Travel plus ATPI created a global TMC all running on Spotnana’s infrastructure,” said Deborah Potts of Summit Advisory and part of the BTN Europe Leading TMCs advisory board. “2025 also saw Talma, the global TMC who had acquired Norad Travel in the UK in 2022 and Blue Cube Travel in 2024, invest in Solutions Travel, a leading distributor of the Spotnana platform in the US, via its subsidiary Brickell.”
For TMCs looking to sell, valuations were “fair not frothy”, says Potts.
She said, “Different buyers are looking for different things. Therefore, matching the most appropriate buyer to the right seller is key. Knowing that we have identified the right match not only ensures a decent valuation and deal terms for a seller, but it also ensures confidence that a transaction will actually complete. In 2025 we saw two deals derail because of the ‘Trump’ effect related to tariffs.”
Potts believes TMC buyers are looking to acquire customers through M&A deals.
“In practice one driver is usually stronger than another for each particular buyer. The secret is knowing which one or ones matter most to each when it comes to creating the right match with a potential seller.”
The UK has not been immune to the ripples caused by the Amex GBT-CWT merger.
“Anecdotally we have heard reports of corporates actually wanting to spread the risk of having all their eggs in one basket and proactively looking for a new TMC to work with alongside this giant,” said Potts. “Smaller specialist TMCs offering a ‘white glove’ service to their customers continue to be confident in their futures. Size comes with its own complexity and it is in many ways forcing smaller TMCs to get clearer about what makes them different and play to their strengths.”
WHAT CAN WE EXPECT FOR BUSINESS TRAVEL IN 2026?
Prospects for the current year are uncertain. The Iran war has weighed heavily on all economies and the IMF is forecasting growth to be 1.0 per cent.
Announcing the forecast in May, the IMF said, “While the UK economy has remained resilient in recent years, the Middle East war is dampening near-term prospects.” The economy grew at its potential rate of 1.4 per cent in 2025 despite headwinds—trade tensions and tight and volatile global financial conditions.
The end of hostilities in Iran and the reopening of the Strait of Hormuz may see this increased upward but growth is still likely to remain sluggish.