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