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FLIGHT Centre Limited (ASX: FLT) and Intrepid Travel have announced a new structure for their adventure travel joint venture My Adventure Store.
My Adventure Store has operated under joint ownership since 2008, however the agreement will see FLT take ownership of My Adventure Store in Australia while Intrepid becomes a key preferred product suppliers to the network.
The 17 stores that make up the agreement will be divided between the two companies with FLT taking on My Adventure Store in Australia, Canada and Wellington, while Intrepid retains the Auckland and Islington stores as part of its branded concept store model.
Staff will be retained and will transfer to either FLT or Intrepid Travel.
“This new agreement cements the long-standing relationship between Flight Centre and Intrepid” says FLT COO Melanie Waters-Ryan.
“Both companies see solid growth opportunities in adventure travel and will continue to work together to capitalise on these opportunities.”
Intrepid Travel managing director James Thornton agrees the change is a logical progression for the two companies.
“We both win with this agreement,” says Thornton.
“Moving forward, this allows us to focus on our strengths while retaining our close ties in order to grow the adventure travel sector.”
The changes will apply in Australia from December 31, in the UK from September 30 and immediately in Canada and New Zealand.
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