Flight Centre to Ignite growth
It’s been a busy few weeks for Flight Centre which has announced a number of initiatives including the acquisition of a 49% stake in Gold Coast-based Ignite Travel Group – the parent company of myholidaycentre, Holiday Exclusives and Rewardscorp. The business, which has about 120 staff, is expected to record $100 million in TTV in the 2016/17 financial year but details of the purchase price and profitability weren’t disclosed. Flight Centre ceo Graham Turner said the investment would “fast-track the business’ growth” as well as delivering new distribution opportunities to suppliers. “In particular, we see strong and rapid growth opportunities for the Exclusives voucher business, which operates in a market that is exciting and growing rapidly,” he said. Ignite founder Randall Deer will continue to run the business, with provisions in place for FLT to increase its holding subject to “mutual partnership performance requirements”. Other Flight Centre announcements in the last month have included a revamp of its FCM Travel Solutions offering, the launch of an in-house technology incubator called Little Argas, the rebranding of My Adventure Store as ‘My Adventure Travel’ and a multi-year partnership with entertainment company Live Nation.