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This case chronologically covers the history of an organisation operating in the volatile environment of travel retailing and tour operating, where liquidations are not unknown, e.g. Clarksons, Intasun. It covers the growth of an entrepreneurial led organisation who has personal strengths in cost control and fast, decisive decision making. The author offers no personal commentary on the events, but reports them as they occurred in the organisation, therefore leaving the reader to use a variety of theoretical models to analyse the events. It has been used very effectively in strategic management courses as the case material covers a wide range of relevant topics.