Flight Centre to buy Cruise Club UK
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The news: Flight Centre has agreed to buy Manchester-based Cruise Club UK to fast track its growth in the UK leisure market.
The numbers: The travel agency did not disclose the deal value but said it was not material and would be cash funded.
The privately-owned Cruise Club employs 35 people and recorded a turnover of £20 million ($40 million) in FY24 across its retail cruise division.
While Cruise Club trades profitably, Flight Centre expects the business to record a modest loss in FY25 due to integration costs and investments to prepare it for future growth.
The context: Flight Centre said the acquisition will fast-track the expansion of its Ignite business into the large UK market.
What they said: “We see solid growth prospects in both the UK and America and we are keen to pursue these opportunities both organically and, in some instances, through acquisitions like Cruise Club where there is a strong strategic and operational rationale,” Flight Centre managing director Graham Turner said.
The source: ASX announcement
