Confidential investment diligence

Wander — Diligence Pack

Source materials supplied by Vren (WhatsApp, 22 Jun 2026), organised, reconciled and annotated. All financial figures are operator-supplied and unaudited — this pack simplifies and surfaces, it does not attest.

This room sits behind the Wanderlust investment memo. It contains the financials, the physical-asset register, the camp auction, two live opportunities, and the growth thesis. Every original file is in Downloads.

Season 1 (22/23)

AED 597k

Booked revenue, invoiced via Vivid Events (pre-investment).

Revenue S1 sheet

Season 2/3 (24/25)

AED 588k

Booked revenue, own invoicing. Late open + fire-shortened.

Revenue S1-3 sheet

Live pipeline (uncontracted)

2 bids

LinkViva 200-tent festival + repeat VIP-camping work.

RFP + invoice PDFs

Status flag

Fire

Kitchen-deck containers damaged; camp closed early in 24/25.

Asset deck + revenue notes

Reconciled financials

Two trading seasons at roughly AED 590–600k gross each. The memo's 748k headline = 588k booked + a 160k illustrative walk-in/bar/truck estimate — shown separately here, never summed.

	Season 1 — 2022/23	Season 2/3 — 2024/25
Booked revenue	AED 597,063	AED 588,179
Invoiced through	Vivid Events (pre-investment)	Own invoicing (#3003–3031)
Scope	Bookings only — no walk-ins/bar/truck	Booked events
Distortions	—	Opened ~3 months late; closed early due to fire
Illustrative add-on	—	+AED 160,000 walk-ins/bar/truck (estimate, not invoiced)

Booked revenue by season

Two comparable seasons. 24/25's 160k estimate not included.

Season 1 concentration

Laureus Awards = ~53% of Season 1. Base business ≈ AED 278k.

Concentration risk: Season 1 is ~53% one event (Laureus, AED 318,700). Always show revenue ex-Laureus so a base business is visible.

Ledger conflict to resolve

A parallel "Oliver / HO / TS" record for 24/25 sums to ≈ AED 308,519 against Wander's own 588,179 — two records of overlapping trading. Reconcile to one canonical ledger before any investor sees both.

Event P&L — Organic Lifestyle retreat (Showka, 15–17 Nov)

The one full P&L in the pack — a single event, end to end.

Line	AED
Total sales & other income	66,345
F&B cost	(7,339)
Activities & entertainment (drumming, hiking, etc.)	(11,250)
Teepee cost	(2,625)
Operations — staff	(7,500)
Operations — diesel	(2,500)
Operations — water	(600)
Total event cost	(31,814)
Event net profit	34,531 — 52%

Where's EBITDA? This 34,531 / 52% is event-level net profit — no central overhead, rent or depreciation is deducted, so it sits at or above EBITDA for this one event. There is no company- or season-level EBITDA in the pack: the two revenue sheets are top-line only (AED 597k / 588k with no cost lines — no payroll outside events, landlord/site rent, marketing, admin, insurance or depreciation). A business EBITDA can't be computed until Vren supplies the full operating-cost base for the period. Flagged as a data gap.

Margin by line — where the money actually is

Line	Income (AED)	Cost (AED)	Margin	%
Teepees (35 × 520)	18,200	2,625	15,575	86%
F&B + beverage	25,650	7,339	18,311	71%
Paid activities (drumming, entertainment, hiking)	14,600	11,250	3,350	23%
Yoga, henna, transfers	7,895	0*	7,895*	*cost blank
Operations (staff 7,500 · diesel 2,500 · water 600)	—	10,600	(10,600)	direct opex
Event net	66,345	31,814	34,531	52%

The margin engine is teepees (~86%) and F&B (~71%) — the owned asset plus catering. Bought-in activities run only ~23% and mostly pad the top line. Yoga, henna and all transfers show zero cost (blank, not free), so the headline 52% is flattered — fill those and net falls.

Analysis flags: (1) missing costs — yoga, henna, transfers and three event-staff lines are blank; (2) no overhead — no rent, marketing, admin, insurance or depreciation, so this is event contribution, not company profit; (3) it supports the forward model's ~50% blended net only if overhead is genuinely light — verify before banking it. Download the P&L sheet.

Actual monthly P&L (Oct 2023 – Mar 2024)

The only real month-by-month accounts in the pack (P&L 2024.xlsx) — WANDER RETREATS run as a fixed RAK venue + F&B / "Holiday Home" (restaurant, bar, rooms, RAK destination fee), not the mobile-events model the forecast assumes.

Month	Income	Gross profit	Net profit	Net %
Oct 23	14,204	3,837	(56,445)	open / loss
Nov 23	123,754	117,221	20,616	17%
Dec 23	175,636	155,654	77,946	44%
Jan 24	79,030	76,316	5,486	7%
Feb 24	156,070	155,230	91,985	59%
Mar 24	102,797	102,403	44,848	44%
6-month total	651,491	—	184,436	28%

Monthly net profit (AED)

A 56k loss on opening, then 7–59% swings — heavy month-to-month volatility.

Monthly income (AED)

F&B / restaurant is the largest line — a venue business, not pure tent hire.

The finding that matters: the only real accounts ran at ~28% net over six months — not the ~50% the forward model projects. The gap is real overhead the events model under-weights: venue rent AED 20k/mo, payroll AED 35–49k/mo, staff accommodation, utilities, diesel. And these are a fixed RAK F&B venue (RAK destination fee 7% + service 5% + VAT 5% = 17% tax stack) — a different operating model from the mobile-events pitch. An investor must reconcile 28% actual vs 50% projected and know which business they're backing.

Feb 2025 revenue had fallen to ~AED 29k (vs AED 156k in Feb 2024) — consistent with the wind-down / fire. RAK licensing confirmed by the destination-fee report (Holiday Home category).

Key assumptions (the three that decide the raise)

Surfaced assumptions

What an investor will test first

1 · The 160k estimate. Stop summing it into the 748k headline — it's the single most attackable number.

2 · The fire. A core asset (kitchen deck) is down and the going-concern status is unstated. Silence reads as risk.

3 · One ledger. Two parallel records of the same revenue must be reconciled before anyone outside sees both.

Full register: 20+ assumptions across revenue, margin, assets, model and pipeline — held in the vault (assumptions-register.md).

Asset register & valuation

The physical kit, extracted from the WANDER deck and reconciled against the auction bid grid (06-20 meeting). Two groups: the camp job-lot the landlord is auctioning (sold as seen) and kit owned by Vren (not in the auction). Items the deck flagged "TO BE VERIFIED" are marked TBV. Figures operator-supplied.

Camp job-lot — the auction

Item	Detail	Qty	Condition	Orig cost (AED)	Auction bid (AED)
Teepee frames	Vren-designed — holds the IP + Pakistan manufacturing contract; covers all need replacing ~$900 ea	38 (2 need repair)	frames good; covers damaged	~800 ea to build	2,880 (36×80)
Container bathroom — male	2 toilets · 3 urinals · 4 showers · vanity, 3 sinks	1	good (~20 nights); 60k offered for the pair, refused	105,000	25,000
Container bathroom — female	4 toilets · 4 showers · vanity, 3 sinks	1	good (~20 nights)	110,000	25,000
Kitchen top-deck unit	3×40ft lower + stairs container + 3 top-deck containers, Juliet balconies, insulated, water + power	1	fire-damaged — needs rewiring + repaint	—	15,000 (kitchen items)
Staff accommodation	40ft, 4 A/C cabins, 1 bathroom	1	—	—	10,000
Storage container	40ft, power + A/C, insulated	1	—	—	5,000
Mattresses & linens	bedding for ≥100 pax (TBV)	~105	TBV	—	5,250 (105×50)
Misc — furniture / linens	oil-barrel tables, glassware, etc (TBV)	—	TBV	—	10,000
Pallets, fairy lights, benches	—	—	—	—	1,000
Bar	pallet bar 6pcs, marble top, back bar w/ sink, glassware, barrel tables, under-bar fridge (TBV)	1	TBV	—	in misc / kitchen
Subtotal					99,130
Pool	must be cut in half to remove	1	scrap	—	10,000
Café unit	—	1	scrap	—	35,000
Scrap subtotal					45,000
Total (indicative)	original cost stated "over AED 1.2m"				144,130

Auction read: the landlord sells the camp as one job-lot, sold as seen. Vren's bid AED 90k vs an estimated ~130k price (indicative breakdown ~144k); she'd call up to 120k good value. The teepee IP + manufacturing contract is the defensible asset and isn't on the bid grid.

Owned by Vren — not in the auction lot

Item	Detail	Notes
Food truck	SS sink/worktop, 2 counters, coffee machine + grinder, under-counter fridge, microwave, 2 kettles, double-tier pizza machine	new registration
Portable toilet/shower units	M: 4 toilets, 4 showers · F: 4 toilets, 4 showers	Vren-owned (separate from camp bathrooms)
Reception container	30ft open + 20ft verandah, CCTV monitor	Vren-owned
Trailer	5 × 2.2 m	unregistered
Oil tanker / bike rack	—	possibly available
Security cabin	—	possibly available

Source: deck PDF · WANDER ASSETS .pptx · bid grid from the 06-20 auction meeting note.

Photos — the kit being sold

Kitchen top-deck — 2-storey, bike-club event

Live pipeline

Both are real and dated — but neither is contracted. Treat as demand evidence, not booked revenue.

LinkViva — Kayan Wellness Festival 2026

Fahid Island, Abu Dhabi · ~3 days, late Jan/Feb (tentative). Requirement: 20 glamping + 180 standard tents, common-area seating 100–200, showers/washrooms, a generator; decor optional. Proposal requested.

Open RFP PDF

Laureus Group event — invoice (template)

Billed to Absolute Adventures (Paul Oliver), Nov 15–18: AED 333,400 — 40 teepees, ~950 guest-nights, full F&B, majlis/bar/toilets. Evidence of repeatable high-value VIP camping demand.

Open invoice PDF

Strategy, product & go-to-market

This is not a standing start. A full target analysis, product architecture, competitor teardown, three-scenario revenue model and a built marketing engine already exist (Articulate, Jun 2026). The spine is below; full working in the data room.

The thesis

Repeat enterprise demand, won on zero marketing — now wrap it in a machine

~AED 0.6m a season and repeat brand-name clients (Unveil Arabia ×4, Absolute Adventures ×3; delivered for INEOS, KTM, BMW, Mercedes, Emirates NBD, Laureus) with no marketing, no CRM, no inbound system. The opportunity isn't demand creation — it's capturing and compounding demand that already exists.

1 · Target analysis — who signs the cheque

Wanderlust sells a movable camp experience at AED 10k–333k a booking. We target the budget-holder, not the company — five buyer segments, each mapped to a pitch angle.

#	Segment	Budget holder	Trigger to buy	Addressable events (UAE+Gulf)*	Typical AED/event
1	Festivals	Festival Director, Head of Production, Head of VIP/Experience	Multi-day event needs on-site overnight / VIP zones	13 named (25 incl. secondary)	250,000
2	Corporate / CSR	Head of CSR, Employee Experience / Wellbeing, Head of Marketing	Annual offsite, CSR day, team-building, leadership retreat	5 named (7)	40,000
3	Wellness	Wellness Programme Lead, HR Director, wellness-brand founder	Wellness week, reset retreat, breathwork/ice-bath programme	1 named (4)	45,000
4	Car / motorsport	Brand Experience Manager, Events Manager	Model launch, drive day, owners'-club experience	6 named (7)	60,000
5	Day VIP / hospitality	Director of Events, F&B / Weddings / Private Events Manager	Concert/golf/marathon VIP lounge, private celebration	6 named (22)	11,000
	Total			31 distinct events mapped	—

*Market size = events named in our demand database (UAE + Gulf) whose primary fit is that segment; the number in brackets counts every event that also fits the segment (an event can be a target in several). This is an evidenced floor, not the full TAM — most of the festival/motorsport count is KSA (Phase 2), and the catalogue is a curated sample, not the whole market. Typical value per the forward model. A full UAE+Gulf TAM can be researched if needed.

Faster route — the channel: experiential agencies & DMCs (Jack Morton, DXB Live, Mosaic, MCI, GoToDXB) already hold the corporate budgets — one agency relationship = many end events. Plus a warm base (Al Deyafa 20-yr reference, GoToDXB partner intent, the delivered roster). Plan works warm-first: ~80–120 fit contacts, not 500 cold.

2 · Product & positioning

One asset, two revenue engines: Events (weekends) and Corporates (weekday), plus F&B and 3rd-party add-ons. Margins: camp hire ~70% (asset owned), food ~60%, 3rd-party ~50%.

Tier the offer into a named ladder (the Platinum Heritage lesson): Heritage (day-VIP / corporate, from ~AED 4k) → Signature (multi-day festival / Laureus-scale, to ~AED 300k+) — one brand quotes both ends without confusion.

Positioning vs the benchmark (Platinum Heritage): they win B2C tourists on one signature device (vintage Land Rovers) + a relentless proof engine. Wander's edge is real B2B delivery (televised Laureus, INEOS/KTM/BMW) — stronger raw material, but zero brand scaffolding to date. The move: build the proof wall and one signature device (the teepee village + G-Wagon/KTM convoy), pointed at warm + channel + LinkedIn — not a tourist funnel.

3 · Forward P&L — three scenarios

A bottom-up, overhead-loaded season P&L (Sept–May), three scenarios, every driver swappable. Projection, not actuals — event counts and average values are estimates pending Vren's confirmation; only the Laureus invoice (AED 333,400) and the teepee day-rate are evidenced.

Revenue build (by stream)

Stream	Conservative	Base	Stretch
Marquee festival / large event	250,000	500,000	780,000
Private / bespoke camp (weekend)	588,000	630,000	736,000
Corporate wellness / team camp	560,000	560,000	672,000
Car / brand activation	165,000	240,000	240,000
Day VIP lounge	120,000	176,000	198,000
Food / food-truck	220,000	280,000	320,000
3rd-party add-ons	110,000	150,000	180,000
Total revenue	2,013,000	2,536,000	3,126,000
Events / season	44	50	57

P&L waterfall

Line	Conservative	Base	Stretch
Total revenue	2,013,000	2,536,000	3,126,000
Gross profit (68–70%)	1,365,100	1,717,200	2,172,720
Crew (per-event teams)	(120,000)	(150,000)	(180,000)
Transport & logistics	(70,000)	(90,000)	(110,000)
Storage / yard	(30,000)	(36,000)	(42,000)
Repairs / refurb / covers	(60,000)	(80,000)	(100,000)
Licence / insurance	(30,000)	(40,000)	(50,000)
Marketing engine (Articulate)	(48,000)	(60,000)	(72,000)
Operating costs	(358,000)	(456,000)	(554,000)
EBITDA	1,007,100	1,261,200	1,618,720
EBITDA margin	50%	50%	52%

The single actual event corroborates it. The one delivered P&L (Organic Lifestyle) nets 52% after crew/diesel/water, and its 68% gross ties exactly to the model's 68%. The margin isn't only modelled — one real event hit it.

Three-year ramp (Base)

	Year 1	Year 2	Year 3
Revenue	2,536,000	3,573,000	4,834,000
Events	50	67	88
EBITDA	1,261,000	1,820,000	2,599,000

Reality check — "Year 1" is the run-rate, not the launch. 50 events / AED 2.5m is the mature run-rate. The business restarts in ~1 month from a fire-damaged kit with no live pipeline engine, and has only ever delivered ~AED 0.6m a season historically. And it's an 8-month season (Sept–May, closed over summer) — so the ~1-month start lands in the summer shut, the real selling window opens in September, and 50 events compressed into 8 months from cold is doubly unrealistic. The model's Years 1–3 are really Years 2–4; a real launch season must be modelled first.

Realistic Season 1 (launch — Sept 2026 → Apr 2027)

Bottom-up from a standing start: kit acquired + fire-repaired over summer, engine built Jul–Aug, first events from September, ramping to the Dec–Mar peak (Rugby 7s, the Kayan Wellness Festival Jan/Feb). Anchored on the historical ~AED 0.6m actual season and the real ~28% net — not the model's instant 50-event run-rate.

Event plan

Stream	Events	Avg AED	Revenue
Marquee festival (e.g. Kayan, or one win)	1	250,000	250,000
Private / bespoke weekend camp	5	45,000	225,000
Corporate wellness / team (weekday)	4	40,000	160,000
Car / brand activation (re-book INEOS/KTM)	2	60,000	120,000
Day VIP lounge	6	11,000	66,000
Food / F&B	—	—	~100,000
3rd-party add-ons	—	—	~54,000
Total	18		~975,000

Season 1 P&L

Line	AED
Revenue	~975,000
Delivery costs (COGS + crew + transport + F&B) ~45%	(~440,000)
Contribution	~535,000
Marketing engine (build + run)	(110,000)
Fire repair / refurb / covers	(80,000)
Licence / insurance / storage	(76,000)
Admin / owner	(60,000)
Season 1 EBITDA	~210,000 (~22%)

Where Season 1 really sits (AED)

Historical actual → realistic launch → mature run-rate. Season 1 is a lift on history, not the run-rate.

The honest Season 1: ~18 events, ~AED 1.0m revenue, ~AED 0.2m EBITDA (~22% net) — profitable but modest; the historical ~0.6m base lifted by the engine + one marquee, not the model's 50-event / AED 1.26m. Floor: if no festival lands, strip the marquee → ~AED 0.7m / ~AED 0.12m EBITDA — still profitable, still repays the AED 100k. Swing up: winning the Kayan 200-tent festival could add AED 0.3m+ on its own.

Then the ramp: Season 2 ~35 events / ~AED 1.7m → Season 3 ~50 / ~AED 2.5m (the model's run-rate). Articulate estimate, anchored on actuals; pending Vren's restart plan.

Therefore: marketing has to start now. With the season opening in September and a marketing engine needing ~8 weeks to build (database → outreach → first scoped proposals), work begun today barely lands pipeline in time for the opening. Every week of delay is a week of an already-short 8-month season lost. The engine build is the critical path — it starts before, not after, the kit is restored.

Forecast EBITDA by scenario (AED)

~50% net across all three — a projection, pending Vren's event counts.

3-year ramp — revenue vs EBITDA (AED)

Base ramp: 50 → 67 → 88 events/season.

Actual vs forecast net margin

The reconciliation gap: 28% delivered (fixed-venue) vs 50% projected (events).

Two flags for diligence: (1) volume is the load-bearing assumption — the whole ~AED 2.5m rests on ~50 events/season ("vision"), only Laureus evidenced; reconcile against Vren's real season history. (2) margin-stack check — the 70% camp-hire gross states its cost as "crew, transport, consumables," yet crew + transport also appear as separate operating-cost lines; confirm they aren't counted twice before banking the 50% net.

4 · Pipeline (sized)

Opportunity	Status	Value	Evidence
Laureus Group	Delivered	AED 333,400	Invoice 18105
Kayan Wellness Festival 2026	Live enquiry	200 tents (TBC)	LinkViva email
GoToDXB	Warm partner	TBC (next season)	Demand email
Al Deyafa Oasis	Warm + referrals	—	20-yr reference
Paul Harty retreats	Repeat	—	Testimonial
INEOS / KTM / BMW / Mercedes	Re-bookable	—	Photos + deck

Only Laureus carries a hard number; the rest are real but unscoped.

5 · The marketing engine (Articulate-run)

What makes this more than one talented operator — the machine that fills the calendar so Vren never sells from a standing start.

Named-buyer database — ~80–120 fit (ceiling 500+) event-buying individuals across the five segments + channel; built on LinkedIn Sales Nav + Firecrawl + a compliant enrichment provider (Cognism/Apollo), orchestrated in Clay, stored in Airtable.
Managed proposal cadence — each buyer worked to a scoped proposal; target 1–2 proposals/week with no prospecting by Vren. She only meets qualified, scoped opportunities.
Templated, branded proposals with pricing logic baked in (teepee count × rate + add-ons + F&B) — inbound like the LinkViva RFP answered in hours, not days.
Content + social — every camp setup is content (Instagram/TikTok); proof-led posts (Laureus, G-Wagons, KTM).
Full funnel owned by Articulate — content → lead → proposal → booking → invoicing (via Very Vivid Events FZE). Vren delivers; the back office runs without her.

For the raise: "needs cash and a CEO" becomes concrete — the operator runs this engine on demand that already exists. One open unblock: wire a single enrichment provider (Cognism for GCC mobiles) to populate the named-buyer list.