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Flight Centre buys big names in NZ – but no Aussie link

August 1, 2017 Headline News No Comments Email Email

Flight Centre has purchased Travel Managers Group Limited in New Zealand – but there is no link with TravelManagers Australia.

In a statement to the Australian Stock Exchange yesterday afternoon, Flight Centre Travel Group (FLT) said it had moved to increase its leisure and corporate travel market-share in New Zealand by buying Travel Managers Group (TMG) and Executive Travel Group (ETG).

Meanwhile, TravelManagers Australia was quick to make clear that while Travel Managers Group Ltd in New Zealand has a similar name, TravelManagers Australia is owned by House of Travel and there is no relationship between Travel Managers Group Ltd and TravelManagers Australia.http://www.granmonte.com/

Travel Managers Group Ltd in New Zealand and TravelManagers Australia are separate companies under different ownership and have no business dealings with each other.

Flight Centre yesterday announced that it had agreed to acquire “two leading businesses” outright, namely:

  • Travel Managers Group (TMG), a predominantly leisure-focused group that provides systems and support services to a network of more than 180 individual brokers. TMG also operates a 22-shop franchise network, which includes 12 TravelSmart shops and 10 non-branded stores; and
  • Executive Travel Group (ETG), New Zealand’s largest independent corporate travel management company.

Flight Centre said the addition of ETG consolidated its position as one of New Zealand’s largest corporate travel management companies, while the TMG acquisition would give Flight Centre a strong broker and franchise network to complement its omni-channel leisure offerings.

Flight Centre managing director Graham Turner said the acquisitions would strengthen FLT’s New Zealand operation, which he said was now the company’s fifth-largest business globally by sales, behind Australia, the USA, the UK and Canada.

The Flight Centre statement said FLT had previously flagged its intention to expand in the broker or home-based sector within its key travel markets globally as part of its ongoing leisure travel improvement strategies. TMG is FLT’s first acquisition in the sector, with further expansion planned through a combination of acquisitions in some countries and organic growth.

Turner said the home-based or broker offering had strong growth potential.

The deals are expected to formally settle during the first quarter of the 2018 financial year.

Written by Peter Needham

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