Adventure brands announce strategic venture (3915B)
17 Febbraio 2011 - 8:00AM
UK Regulatory
TIDMTT.
RNS Number : 3915B
TUI Travel PLC
17 February 2011
17 February 2011
TUI TRAVEL PLC
("TUI Travel")
ADVENTURE BRANDS ANNOUNCE STRATEGIC VENTURE WITH INTREPID
TRAVEL
TUI Travel PLC is pleased to announce it has signed an agreement
to enter into a strategic venture with Intrepid Travel, one of the
world's leading small group adventure tour operators. The proposal
is to create a global leader in adventure travel, which will
combine Intrepid Travel and TUI Travel PLC's international
portfolio of adventure brands.
The transaction is based on an injection of businesses into the
venture by both parties and has no cash component. The venture will
be 60% owned by TUI Travel PLC and 40% owned by Intrepid Travel's
private shareholders, and will be consolidated by TUI Travel PLC.
The transaction is expected to drive cost synergies, primarily
arising from increased economies of scale, of at least GBP10m per
annum within the first three years. Completion is expected by May
2011.
Intrepid Travel, based in Melbourne, Australia, handles over
100,000 customers per annum, drawn from all the key adventure
source markets in the world. For the financial year ended 30 June
2010 Intrepid Travel had revenues of GBP69.4 million and PBT of
GBP5.3 million.
TUI Travel PLC's Adventure businesses are part of the Specialist
& Activity Sector. They are a portfolio of market-leading
adventure travel businesses based in the UK, Australia, North
America and the Netherlands and have over 240,000 customers per
annum. For the financial year ended 30 September 2010 they had
revenues of GBP185.3 million and PBT of GBP6.8 million.
The combined businesses will operate a multi-channel and
multi-brand strategy and will provide new opportunities for growth
including new products, distribution channels, source markets and
destinations.
Commenting on the announcement Peter Long, Chief Executive, TUI
Travel PLC stated:
"Specialist travel is an important part of our business and one
of our key drivers of growth due to strong margins and development
opportunities. This deal with Intrepid Travel will significantly
enhance our position in the fast growing adventure travel sector.
We believe this venture has great potential for value creation
through the increased scale, synergies and growth of the combined
businesses."
The Board of the venture will be chaired by John Wimbleton,
Managing Director of TUI Travel PLC's Specialist & Activity
Sector. Darrell Wade, CEO and co-founder of Intrepid Travel, will
become CEO of the venture.
Enquiries:
Analysts and Investors
Paul Rushton, Director of Investor Relations Tel: +44 (0)1293 645
795
Press
TUI Travel
Michelle Jeffery, Corporate Communications Tel: +44 (0) 1293 645
774
Michael Sandler / Kate Hough (Hudson Sandler) Tel: +44 (0) 20 7796
4133
Notes to editors:
Brands included in the venture are Adventure Center, The
Adventure Company, Adventure Tours Australia, Country Walkers,
Exodus, Gecko's, Guerba, Headwater, Imaginative Traveller, Intrepid
Suntrek, Intrepid Travel, Oz Experience, Peregrine, Pinnacle Tours,
Sawadee, TrekAmerica and WesternXposure.
At 30 June 2010, Intrepid had gross assets of GBP42.8m and net
assets of GBP12.7m. At 30 September 2010, TUI Travel PLC's
Adventure businesses had gross assets of GBP68.2m and net assets of
GBP14.7m.
TUI Travel PLC
TUI Travel PLC is the world's leading international leisure
travel group operating in approximately 180 countries worldwide. It
serves more than 30 million customers in over 27 source markets.
Headquartered in the UK, the Group employs approximately 49,000
people and operates a pan-European airline consisting of 143
aircraft. The company is organised and managed through four
business Sectors: Mainstream, Specialist & Activity,
Accommodation & Destinations and Emerging Markets. In the
financial year ended 30 September 2010 TUI Travel had revenues of
GBP13.5bn and an underlying operating profit before tax of GBP447m.
For more information visit www.tuitravelplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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