Turner family to take greater control of 99 Bikes

The family of Graham “Skroo” Turner is set to take greater control of 99 Bikes, with Flight Centre Travel Group agreeing to sell its remaining stake in the cycling business in a $61.7 million deal.

Flight Centre will divest its 47 per cent holding in Pedal Group, the parent company of 99 Bikes, to the Turner Collective, a consortium of family members led by Turner. The move will lift the family’s ownership to about 76 per cent and bring to an end an 18-year partnership that began in 2008.

Founded in 2007 by Matt Turner, 99 Bikes has grown into one of the region’s largest cycling retailers, with more than 70 stores across Australia, New Zealand and the United Kingdom, alongside wholesaler Advance Traders.

At the peak of the cycling boom post COVID, it was valued at more than $250 million.

Flight Centre expects to record an accounting gain of around $15 million from the sale, with no cash tax impact.

Speaking to the AFR, Turner said he was confident in the future of the cycling industry.

“Sales are going well at the moment because Australians love to exercise,” he said. “There’s also some short-term benefit from people trying to save on fuel.”

Non-executive chairman Gary Smith said the business had been a success under the joint venture.

“Pedal is a strong business with a loyal and engaged customer base, and we are proud of what has been built through the joint venture,” he said.

“We believe the Turner Collective is well placed to support Pedal’s next phase of growth.”

For the 12 months to June 2025, Pedal Group posted $330 million in revenue and a net profit of $5.9 million, rebounding from a $2.3 million loss on $307 million in sales the year prior. Digital channels contributed roughly 10 to 15 per cent of overall revenue.