The Flight Centre Travel Group has acquired a majority stake in U.K. based Topdeck, increasing the company’s presence in the tour-operating sector.
Flight Centre announced Friday that it will command a 90 per cent stake in Topdeck, with the remaining 10 per cent belonging to James Nathan, Topdeck’s managing director and Flight Centre’s partner in Back-Roads Touring, another U.K. tour operator in which Flight Centre controls a 67 per cent interest.
Both Topdeck and Back-Roads will continue to operate as independent companies overseen by Nathan, read a statement from Flight Centre.
The cash investment in Topdeck by Flight Centre is expected to deliver both short- and long-term benefits to both businesses, said Flight Centre COO Melanie Waters-Ryan in the statement.
The deal values Topdeck at a minimum of 21.84 million GBP, with the possibility of an additional 4.16 million GBP payment contingent on the company’s performance, based on business results in the year ending Oct. 31, 2014.
The investment is seen as something of a return to Flight Centre’s roots, as founder Geoff Turner and friend Graham Lomas also began Topdeck in 1973.