Flight Centre cashes in on foreign exchange acquisition
In a statement to the Australian Stock Exchange yesterday, Flight Centre demonstrated its continued expansion into new sectors of the travel industry with the acquisition of a specialist and profitable Perth based foreign exchange business, Nationwide Currency Services (NCS), which has a small network of foreign exchange shops across three cities.
Flight Centre Limited Managing Director Graham Turner said the acquisition was in line with the company’s strategy of acquiring money-making businesses that complemented existing operations and offered niche products or services. He added, that Flight Centre would fast-track NCS’s growth by, opening additional shops in key standalone location and gradually introducing NCS foreign exchange counters into some of the company’s leisure travel shops in Australia
He said, “NCS is a small and profitable business that fits neatly into our company and enhances our overall customer offering,” adding, We see considerable scope for growing our overall foreign exchange sales via the NCS business and through our shops in Australia and overseas.”
NCS was established in Perth by Clint Nieuwendaal, a former Thomas Cook and American Express employee and as part of the acquisition, Mr Nieuwendaal will continue to run and expand the business within Flight Centre.
Mr Nieuwendaal said, “Becoming part of Flight Centre Limited and its shop network gives us the opportunity to fast-track our growth and we look forward to developing the business as we move forward as part of the Flight Centre group.”
NCS’s seven shops in Perth, Melbourne and Brisbane generated $63million in total transaction value in 2006.
Report by The Mole
John Alwyn-Jones
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