Flight Centre set to cash in on Foreign Exchange Acquisition

Flight Centre Limited has continued to expand into new sectors of the travel industry with the acquisition of a specialist foreign exchange business.

The company today agreed to acquire Nationwide Currency Services (NCS), a profitable Perth-based business with 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.

Mr Turner said Flight Centre would fast-track NCS’s growth by:

  • Opening additional shops in key standalone locations
  • Gradually introducing NCS foreign exchange counters into some of the company’s leisure travel shops in Australia

“NCS is a small and profitable business that fits neatly into our company and enhances our overall customer offering,” he said.

“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.

As part of the acquisition, Mr Nieuwendaal will continue to run and expand the business within Flight Centre.

“Becoming part of Flight Centre Limited and its shop network gives us the opportunity to fast-track our growth,” Mr Nieuwendaal said.

“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.

The shops are located in:

  • Perth’s Hay and Murray Street malls
  • Melbourne Central and the city’s Swanston and Elizabeth Streets
  • Brisbane’s Queens Plaza and Albert Street