US-owned skydiving business sold to locals
As many Queenstown tourism operators struggle to stay afloat, one manager is so confident in the future that he has bought his business from its American owners.
iFLY general manager Matt Wong and his wife, Amy, have purchased the indoor skydiving centre for an undisclosed sum.
Wong has been with iFLY since it launched with a $15 million wind tunnel in late 2018.
The business had been challenged by the loss of 3.3 million overseas visitors in Queenstown due to the Covid-19 pandemic.
However, because iFLY was relatively new, it was able to quickly change its focus to locals and the domestic market, he said.
That meant changing price structures, offering educational opportunities and creating options for local sport skydivers.
The market was still challenging, but iFLY was in a much better position than many of the more established activity providers in Queenstown, Wong said.
The business had retained all its staff on full wages.
‘‘When you have a crisis, that really levels the playing field.
‘‘We were in a position where we were ready to seek opportunities, and it’s opened up the field a bit more.’’
Having spent 20 years working in tourism in Queenstown and with outbound operators, Wong believed demand for travel to New Zealand in the future would be ‘‘huge’’, he said. ‘‘We’re in a great position to recover. We’ve just got to get to that point where the borders open.’’
Wong and his wife own 100 per cent of Queenstown’s iFLY company but would continue to work with iFLY globally, which had 87 tunnels around the world.
‘‘There’s not many businesses that have that expertise in international markets,’’ Wong said.
‘‘The relationship will continue because it’s mutually beneficial.’’
Tunnel flying was one of the fastest-growing sports in the world, Wong said.
The company’s advantages included its ability to cater for children as young as 5 to people in their 90s and that it could operate in all weather.
‘‘It certainly hasn’t been easy, and we’ve a long way to go. But Amy and I are convinced the business has a great future, which is why we’ve taken it on,’’ Wong said.