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FLIGHT CENTRE, TURNER FAMILY SET TO FORM BICYCLE JV.

AsiaPulse News

| September 01, 2008 | COPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, Sept 1 Asia Pulse - Travel retailer Flight Centre Ltd (ASX:FLT) and the Turner family are set to form a joint venture bicycle business, after confirming today that the parties had formalised the agreement.

Under the deal, Flight Centre will transfer its wholesale cycle business, Advance Traders Australia (ATA), into the joint venture and bicycle retailer 99 Bikes will transfer its Brisbane shops to the joint venture.

99 Bikes is jointly owned by Flight Centre managing director Graham Turner's family company and by Matthew Turner.

Flight Centre said contributions by ATA and 99 Bikes, including stock, cash and other assets, will be equal and in accordance with ...

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Source: HighBeam Research, FLIGHT CENTRE, TURNER FAMILY SET TO FORM BICYCLE JV.

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