Melbourne-based adventure travel company Intrepid Travel has formed a joint venture with listed travel company Flight Centre to expand Intrepid’s retail chain.
Melbourne-based adventure travel company Intrepid Travel has formed a joint venture with listed travel company Flight Centre to expand Intrepid’s retail chain.
Intrepid, co-founded by entrepreneur Darrell Wade, will contribute its four existing retail stores in Melbourne, Brisbane, Sydney and Perth to the venture, while Flight Centre will kick in $2.4 million in capital to fast-track the retail rollout.
The joint venture shops will continue to trade under the Intrepid banner and will sell Intrepid’s range of products and a selection of Flight Centre products.
Both companies will own 50% of the joint venture and will have two representatives on the new venture’s board.
Flight Centre’s acting chief executive Shannon O’Brien (chef executive Graham Turner is on long service leave) said the investment was part of Flight Centre’s strategy of expanding in niche sectors, while continuing to build its established travel businesses.
“Adventure travel continues to increase in popularity as travellers seek new experiences and to make the most of a limited amount of holiday time,” he said in a statement.
Wade said the partnership would allow Intrepid to build on its experiential travel business while tapping into Flight Centre’s retail expertise. “This joint venture will fast-track the Intrepid retail division’s growth and will deliver additional expertise, knowledge and retail best practice to the business.”
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