Tour operator Intrepid Travel and retailer Flight Centre are to end their joint venture which saw the creation of a co-owned My Adventure Store chain five years ago.
The joint venture was set up in 2008 and includes 17 travel agencies, with one in the UK, 12 in Australia, and the remainder in Canada and New Zealand. The stores have been jointly owned by the two companies.
As a result of the decision to drop the joint venture, the ownership of the UK branch of My Adventure Store in Islington, London, will be returned to Intrepid from the end of September this year. Intrepid will also retain the Auckland store. Both will be rebranded Intrepid Travel and sell Intrepid and other adventure brands.
Flight Centre will take ownership of the remaining 15 stores and will retain the My Adventure Store name, with the Intrepid branding dropped from shop fronts. It takes ownership of the Canada and Wellington, New Zealand, stores immediately and the shops in Australia at the end of December.
The deal will allow Flight Centre to pursue “aggressive” expansion plans for the retail network while Intrepid will continue to be a “key preferred supplier”.
Staff will transfer to either Flight Centre or Intrepid Travel. There are no job losses.
Intrepid insisted it would not lose any sales as a result of the split, as it will remain a key preferred supplier for the My Adventure Stores. A spokeswoman said: “We have no reason to believe this will have any impact on our sales.”
Managing director James Thornton added: “Flight Centre is a retail expert, while Intrepid delivers fun, affordable and sustainable adventure holidays to travellers around the world. Moving forward, this allows us to focus on our strengths while retaining our close ties in order to grow the adventure travel sector. “
Flight Centre chief operating officer Melanie Waters-Ryan said: “Both companies see solid growth opportunities in adventure travel and will continue to work together to capitalise on these opportunities.”
It is understood Flight Centre plans to expand the My Adventure Store network.
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