Flight Centre gets green light for Pedal Group divestment

The news: Flight Centre shareholders have approved the divestment of the company’s 47% interest in bicycle company Pedal Group at a general meeting held on Thursday.

The context: Flight Centre will receive $61.7 million for its 47% stake in the business. It added that it will recognise a one-off $15 million accounting boost on the sale to the Turner Collective, in addition to raising its cash reserves.

This follows the company’s divestment announcement last month. The Turner family currently owns about 35% of Pedal Group, with employees owning the rest.