Lastminute.com, the UK-based "last minute" Internet travel company, has announced a joint venture with local company Tourvest.
Under the terms of the agreement, lastminute.com will gain access to Tourvest`s unsold inventory, while lastminute.com will be responsible for development and hosting the JV company`s Web site.
Tourvest`s interests include Seekers, the Magic Bus, Welcome Tours and other travel brands, tour operators, safari and cruise operators, high-end tourist retail outlets, a direct travel telecentre and the American Express travel and forex operations. All of lastminute.com`s international sites will have access to Tourvest`s unsold inventory.
During an interview on the 702 radio station`s Business Today, Steve Griesel, Tourvest CEO, said the initiative will help Tourvest capture the "last minute" component of the local travel market, and compliment its existing business-to-leisure (through travel.co.za) and business-to-business (amex.co.za) Internet sales. "We need to be in all three of these segments of the market and we believe that we`ve attracted the three players that are the most important in the market," he said.
"Tourvest is an ideal partner for lastminute.com," says lastminute.com`s CEO and co-founder Brent Hoberman, a former South African. "Not only are they a major player in the South African outbound travel market, but they are the dominant inbound tourism group into South Africa. This deal gives all our other international sites access to the unsold inventory for all Tourvest properties which will add some fantastic supply to all our sites."
This is the second international JV that lastminute.com has recently announced as it extends its services beyond Europe. It is also to launch localised websites in Australia and New Zealand with its partner travel.com.au.
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