Flight Centre Travel Group acquires Iglu.com

Flight Centre Travel Group has agreed to buy UK online travel agency Iglu for an upfront payment of £100 million, with up to £27 million in performance‑based earnouts, in a deal that will fold Iglu’s cruise and ski brands into Flight Centre’s global leisure division.

Flight Centre Travel Group (FCTG) announced on Wednesday that it has reached terms to acquire Iglu, the London‑based online specialist that operates Iglu Cruise, Planet Cruise and Iglu Ski, in a transaction that values the business at £100 million plus contingent consideration of up to £27 million. The acquisition will see Iglu continue to operate from its Wimbledon and Portsmouth offices and remain led by CEO David Gooch, who will stay in place as the business becomes part of Flight Centre’s global leisure arm.

David Gooch, Iglu's CEO, said, “We are thrilled to become part of the Flight Centre Travel Group. This partnership opens up significant future growth opportunities, allowing us to scale our operations while maintaining the unique identity that has made us successful. By leveraging Iglu’s world-leading ecommerce platform alongside Flight Centre’s global experience, we are perfectly positioned to capture new market share. Most importantly, the strong cultural fit between our businesses gives me great confidence that we will continue to deliver exceptional value to our customers, suppliers and people.”

Today, Flight Centre Travel Group is an Australia-based leisure and corporate travel management business, but it can trace its roots back 52 years to the UK in fact, where founder and CEO Graham Turner established an overland coach tour business, Topdeck, in 1973.

Global CEO and Managing Director, Graham Turner, said, “This acquisition creates significant future opportunities in the global cruise market. Iglu brings a leading UK position, a strong brand, and a scalable technology platform that aligns with FCTG’s strategic objectives. The business also has a strong people network and a strong culture that aligns with our own.”

Outgoing Iglu Founder and Non-Executive Chairman Richard Downs reflects on the incredible success of the last 27 years. He says, “It’s been a remarkable journey of resilience, creativity and technical innovation, since I started Iglu in a small office in Baker Street with a dedicated team. I’m delighted to see Iglu, now the dominant European online retailer of cruise and ski holidays, become a hugely valued part of one of the largest travel companies in the world.”

The FCTG UK business now includes the Flight Centre, Scott Dunn and Cruise Club UK leisure brands, plus the Corporate Traveller and FCM corporate travel management businesses.

FCTG is headquartered in Brisbane, Australia, and has businesses in 24 countries, spanning Australia, New Zealand, the Americas, Europe, the UK, South Africa, the United Arab Emirates and Asia. The company is listed on the Australian Securities Exchange (ASX) and has a market capitalisation of around $AU 3bn (£1.5bn).

The deal gives Flight Centre an immediate foothold in the UK cruise market, where Iglu has established a strong online presence and is reported to capture a significant share of bookings. Flight Centre’s management described the purchase as EPS accretive and a strategic move to accelerate growth in the global cruise sector, which both companies say has been expanding at double‑digit rates in recent periods. Iglu’s management framed the tie‑up as an opportunity to scale operations while preserving the brands’ distinct identities and customer propositions.

Industry reaction has been swift. Market commentators noted that the acquisition follows months of speculation about Iglu’s future after private equity backer LDC explored a sale, and that Flight Centre emerged as the frontrunner in a competitive process. Analysts pointed to the complementary nature of the businesses: Flight Centre brings global distribution and capital, while Iglu contributes a digitally native platform and specialist product expertise in cruise and ski travel.

What the deal means for customers and staff

• Iglu will continue to trade under its existing brands and keep its UK offices, with leadership continuity under David Gooch.
• Flight Centre expects to integrate Iglu into its leisure division to expand cruise offerings globally, leveraging its wider retail and corporate networks.
• Employees and partners have been told the acquisition is intended to support growth rather than immediate restructuring, though Flight Centre will review opportunities to scale the business across its footprint.

Financially, the structure — an upfront cash consideration with performance‑linked earnouts — is designed to align incentives and protect Flight Centre against execution risk while rewarding Iglu for continued growth post‑close. The companies said the transaction is subject to customary procedural steps and regulatory approvals, with completion expected imminently.

Flight Centre’s purchase of Iglu marks another notable consolidation in the travel sector as incumbents seek digital specialists to capture post‑pandemic leisure demand. Observers will be watching how the combined group leverages cross‑selling, technology and supplier relationships to drive bookings and margins in the competitive cruise market