FLIGHT Centre has expanded its presence in the niche travel sector by acquiring a majority stake in gapyear.com, the social network and travel advice site, for an undisclosed sum.
Gapyear.com founder Tom Griffiths will remain at the company as chief executive to lead the roll-out of the gapyear brand and website to Flight Centre’s overseas markets.
Flight Centre said the ‘gap year’ travel market was worth more than $10bn, and it is currently bucking trends by experiencing growth across all ages.
Flight Centre UK managing director Chris Galanty said: "gapyear.com is a unique online and ‘offline’ brand that is not only an industry descriptor but which includes the domain name within the brand.
"It has enormous global potential and slots naturally into our stable of businesses in the independent and adventure travel market.
"The global ‘gap year’ market is valued in excess of $10bn, and with the reach of the Flight Centre Group worldwide our intentions are to dominate this space with a singular global strategy under the one brand.
"Gapyear.com’s ‘vertical social network’ model gives us the ability to launch a targeted multi-country, multi-age-group platform with a localised purchase facility delivered through our global network of 2,000 stores."
Explaining his reasoning for hooking up with Flight Centre, gapyear founder Griffiths said: "It’s one thing growing gapyear.com’s social network, which at 13 years old was the first social network in the UK travel sector, it’s another thing monetising it.
"However, the ability to bolt gapyear.com into an established global network of stores and online brands such as Student Flights, Round the World Experts, Flight Centre and Liberty Travel, will enable us to deliver a targeted trip planning service local to the end user, globally and age specific."
By Linsey McNeill
